On May 14, 2015, the Company received notice that Delaware Trust Company has been appointed as successor trustee under the Company's indenture dated as of September 17, 2012 governing its 7.5% senior notes due 2020 originally issued by Forest Oil Corporation.
Additionally, effective May 14, 2015, Wilmington Trust, National Association has been appointed as successor administrative agent of the Company's $700 million second lien term loan agreement dated as of December 14, 2012.
There is still $200 million in cash that the cooks already has a hand on. Paying themselves high salry and hire incompetent adviso.r to be benefited themselves. Petition to continue to operate. Whoever judge will grant it is insane or on its payroll.
Management proved to be incompetent and ask to continue. New owner or management should be in place to change course. The bondholder should take control of the company by exchanging debt to equity.
That is the most sensible decision a judge should make.