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Share Name | Share Symbol | Market | Type |
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Admiral Bay Resources Inc. | TSXV:ADB | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Admiral Bay Resources Inc. (TSX VENTURE:ADB) "Admiral Bay" or the "Company") today announced that the Company's US subsidiary, Admiral Bay (USA) Inc. ("Admiral Bay USA"), is in default under its credit agreement with its senior lenders, GasRock Capital, LLC and Midtown Acquisitions, LP (formerly known as DK Acquisition Partners, LP). The obligations of Admiral Bay USA under the credit agreement are secured, as a first priority, by mortgages over certain of Admiral Bay USA's oil and gas properties and other related assets. The senior lenders have filed and served a Petition for Foreclosure on certain assets of Admiral Bay USA in the District Court of Greenwood County, Kansas. According to the Petition, Admiral Bay USA is indebted to the lenders in the principal amount of $42,501,705.70, plus interest at the default rate from and after March 31, 2010. The action by Admiral Bay's lenders, outlined as a possible outcome of ongoing discussions in Company's March 25, 2010 press release, comes after the Company and its lenders failed to agree on terms under which Admiral Bay would have been purchased by a third party. While Admiral Bay and the third party had agreed in concept to a combination of the companies, Admiral Bay's lenders rejected the terms of the transaction as total consideration was less than the outstanding principal balance of the Company's loan obligation. Admiral Bay continues to work with its lenders to seek a consensual resolution to the foreclosure petition, which would include the lenders agreeing to provide funds for a partial payment of trade creditors in exchange for such creditors agreeing to settlement terms and a release of the Company from further liability and a framework under which Admiral Bay would continue as a going concern by exchanging encumbered assets of Admiral Bay USA for full satisfaction of the outstanding secured obligations owed to the lenders under the credit agreement. Should these conditions not be met, Admiral Bay would likely seek protection under the provisions of federal bankruptcy statutes, which the Company believes would likely result in negligible recovery for unsecured creditors. The Company will provide additional information as appropriate. About Admiral Bay Resources Admiral Bay Resources Inc. (www.admiralbay.com) is an emerging unconventional gas production company focused on the development of projects in the Cherokee Basin in southeast Kansas and the Appalachian Basin in Pennsylvania. Admiral Bay is listed on the TSX Venture Exchange under the symbol ADB. Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements".
1 Year Admiral Bay Resources Inc. Chart |
1 Month Admiral Bay Resources Inc. Chart |
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