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GMX Resources Inc. Message Board

  • pocilujko pocilujko Mar 20, 2013 5:52 PM Flag

    Delayed filing of 10K:

    PART III — NARRATIVE



    State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR or the transition report or portion thereof, could not be filed within the prescribed time period.

    GMX Resources Inc. (“we, ” “our, ” “us” or the “Company”) and our advisors have been actively exploring alternatives to address the Company’s current liquidity needs, which may include a potential recapitalization of our balance sheet. We are currently engaged in discussions and negotiations with representatives of certain holders of our outstanding senior secured notes due 2017 regarding our current liquidity situation. If we are not able to implement a consensual alternative for restructuring our balance sheet, or in order for us to implement a financial alternative, we may voluntarily seek protection under the U.S. Bankruptcy Code. Because the efforts of management have been focused on the ongoing discussions with the holders of our outstanding senior secured notes and financing alternatives, we have not been able to complete our 2012 Form 10-K within the prescribed time period.


    UNITED STATES

    SECURITIES AND EXCHANGE COMMISSION

    Washington, D.C. 20549

    SEC FILE NUMBER

    001-32977

    FORM 12b-25

    CUSIP NUMBER
    NOTIFICATION OF LATE FILING


    ( Check One): x Form 10-K ¨ Form 20-F ¨ Form 11-K ¨ Form 10-Q ¨ Form 10-D ¨ Form N-SAR ¨ Form N-CSR

    For Period Ended: December 31, 2012

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    • I have to ask a question about your intention to mention the filing was on Monday 3/18/2013 and the PPS was up to $4.00 on that date and I 'd noticed a lot of big lot BUY.
      I believe the company will not seek BK.
      The IF word just a formal Disclaimer in this case for filing extension of the 2012 10K.

      Sentiment: Strong Buy

    • DID anyone see this:

      " If we are not able to implement a consensual alternative for restructuring our balance sheet, or in order for us to implement a financial alternative, we may voluntarily seek protection under the U.S. Bankruptcy Code."

      GMXR has now reach its defining moment of being a company or fading away.

      The squeeze is on.
      GMXR didn't want to issue a 10K with an Auditor Opinion as to GMXR as a "Going Concern".

      "Going concern is a term [2] which means that an entity will continue to operate in the near future which is generally more than next 12 months, so long as it generates or obtains enough resources to operate. If the auditee is not a going concern, it means that it is either dissolved, bankrupt, shutdown, etc. Auditors are required to consider the going concern of an auditee before issuing a report.[7] If the auditee is a going concern, the auditor does not modify his/her report in any way. However, if the auditor considers that the auditee is not a going concern, or will not be a going concern in the near future, then the auditor is required to include an explanatory paragraph before the opinion paragraph or following the opinion papragraph, in the audit report explaining the situation,[7][8] which is commonly referred to as the going concern disclosure. Such an opinion is called an "unqualified modified opinion".

      ED

 

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