The following is a press release from Standard & Poor's:
-- Horsehead Holding Corp. has elected to exercise the 30-day grace
period under its indenture agreements with holders of its $100 million
convertible senior notes due 2017 (unrated).
-- We do not expect the payment will be made within the 30-day grace
period permitted under the indenture agreements, and as a result we are
lowering our corporate credit rating on the company to 'SD' (selective
default) from 'CCC'.
Item 7.01. Regulation FD Disclosure.
As previously disclosed, the Company is exercising a 30-day grace period, which expires on February 3, 2016, with respect to a $1.9 million interest payment that was due and payable on January 4, 2016 on its 3.80% Convertible Senior Notes due 2017. The Company has not made a decision at this time as to whether or not such interest payment will be made before the expiration of the grace period.
Well they do have the cash but of course I refer back to one of my favorite bumper stickers
"the facts, though interesting, are irrelevant"
MRO going to be a good buy this week.
I.R. has indicated they will make the payment within the grace period.
Guess we shall see but in the meantime they are certainly making it easy for those shorting
Never understand these companies that don't address the market with uncertainty swirling around their stock. Especially considering the large short with a tight share structure
Something not right there. No filing to verify and as of 11/9......
Cash and cash equivalents
Accounts receivable, net of allowance of $493 and $371, respectively
Good morning Philip.
A suggestion for the company
they should contact the senate banking committee and become the poster child for this type of hit piece. Its becoming all too common and action by congress will be needed to stop it
Richard Shelby (R, AL) the chairman or
Sherrod Brown (D, OH) the ranking democrat.
SunEdison, Inc. (SUNE) has continued to drift lower and is now down almost 90% from its 52 week high. Shares of the solar company have been beaten down as investors become more concerned with the amount of debt on the company's books. One thing to note however is that the float is nearly 30% short meaning that any short term momentum could be the start of a parabolic move as shorts look to cover their positions and lock in gains or protect against further losses.