Looks like we are in limbo for a while. Here is the announcement.
"The New York Stock Exchange announced today that the staff of NYSE Regulation, Inc. has determined to commence proceedings to delist the common stock of Magnum Hunter Resources Corporation (NYSE: MHR) " ticker symbol MHR " from the NYSE. Trading in the Company s common stock will be suspended immediately. The Company s common stock is no longer suitable for listing based on abnormally low price levels, pursuant to Section 802.01D of the Listed Company Manual.Separately, NYSE Regulation has also determined to immediately suspend trading and commence delisting proceedings with respect to the following preferred issues (the Preferred Stock ) that are listed on the NYSE MKT."
There are different classifications of BK--chapter 11 restructuring and chapter 7 liquidation. The chapter 7 is not very likely at this point since the company is negotiating with creditors.
As far as selling, it seems to me that it would be much better to see what the company is worth before jumping to conclusions.
Hopefully, the valuations will be ready tomorrow. That could be why they delayed the report. If this is the case, the valuation of the assets and the amount of write-down will be far more important than earnings tomorrow.
Since they are reporting on a Monday instead of Friday after markets close, I would like to think it will be good news, given the circumstances. At least we will have a better idea of what the company is worth and a leg up on how the negotiations will go.
Let me save you some time Freight. It is in the 8k but in an add on. Go to the company website and click on the 8k. At the end of all the contract stuff way down at the bottom the company added the October 2015 slide presentation. The update on the pipeline, the JV, etc. is there. I don't have time to write more now but I hope this helps.
Probably too much pressure from current debt holders and not enough cash flow to service their current debt.
Yes, SWN just reported earnings and a $2.8 billion write down. I just nibbled on that while there is blood in the streets, but they have low costs and they will survive the downturn in NG. They will also ride the wave back up.
Chapter 11, chapter 7, or an agreement with the holders are three ways they could do just that...but I am not predicting anything. I am just answering your question.
I haven't seen any announcement for a cc call yet. I highly suspect financial statements will be delayed due to the reassessment going on. Otherwise, they will just have to restate them because they don't know the value of assets yet. For sure there will be a write down. The only question is how much.
Look at the volume on the D's. The volume is over 400,000. My hunch is (in addition to everything else going on) institutions are dumping for window dressing. Some may have been selling for margins not covered.
I thought about buying some because it will likely get a bounce, but I have put enough money into the common and preferreds. I think I will just ride what I have to whichever direction the stock takes me.
My point was mostly about the pipeline sale and current valuation. However, there are probably a lot of bond holders and shareholders that agree with you. If some large bondholders and/or shareholders force MHR to put in a new CEO and/or allow us to appoint a person to the board, it will be fine with me.
My main point was mostly about the pipeline sale and current valuation. However, there are probably a lot of bond holders and shareholders that agree with you. If some large bondholders and/or shareholders force MHR to put in a new CEO and/or allow us to appoint a person to the board, it will be fine with me.
You should seek a financial adviser for your specific situation. Even if we were qualified, we don't have near enough information about you to help make that decision for you. For all we know, you should be 100% bonds for your specific needs.