The paragraph that matters
Existing equity interests would be cancelled ... and existing equity interests are not expect to receive any consideration.
Note ... no material impact on the majority of its creditors.
Shame Eric Shame ... what a bullshit statement
“Sundance has faced numerous challenges in the last few years resulting in declining cash flow and liquidity that have only been exacerbated by the unprecedented COVID-19 pandemic and volatility in the market price of crude oil and natural gas,”said Eric McCrady, Sundance’s Chief Executive Officer.“As a result, we are taking decisive action to address these challenges and deleverage our balance sheet to best position our business for sustained future success. We are grateful for the support of our lenders throughout this process and anticipate that the consensus already achieved will simplify our path through Chapter 11 and enable us to emerge with a strengthened financial structure.”
Shame you didn't take "decisive action" earlier to "best position our business for sustained future success".
There you go Mike ... I was right and you was wrong, wrong, wrong. Even though I got out, I still lost some capital but the smugness of the board at the time of the SOA to redomicile was disgraceful. Bunch of Sgt Schultz's.
Sorry for your loss guys but this was going to happen pretty much on the schedule outlined last last year.
