TXCO Resources Receives Interim Court Authorization to Draw on Interim DIP Credit Facility; Receives Delisting Notice from Na...
2009年5月23日 - 5:15AM
ビジネスワイヤ(英語)
TXCO Resources Inc. (Nasdaq:TXCO) today announced that the U.S.
Bankruptcy Court for the Western District of Texas has granted the
Company interim authorization to borrow up to $12.5 million under
its proposed $32 million debtor-in-possession (DIP) credit
facility. The DIP facility authorization will provide immediate
liquidity to the Company to help fund operations during the
reorganization, subject to customary conditions.
The Bankruptcy Court also approved the Company's other
"first-day motions," providing for the continued payment of
employee wages and other compensation, reimbursable employee
expenses, and medical and other benefits without interruption; the
continued payment of royalties in the ordinary course of business;
and the continued use of its cash collateral and cash management
systems.
As announced in its press release on May 18, 2009, the Company
and its subsidiaries filed a voluntary petition for reorganization
under chapter 11 of the U.S. Bankruptcy Code with the Court. Most
of the Debtors' filings with the Bankruptcy Court are available to
the public at the offices of the Clerk of the Bankruptcy Court or
the Bankruptcy Court's web site (http://www.txwb.uscourts.gov/) or
may be obtained through private document retrieval services, or on
the web site established by the Debtors' claims and noticing agent
(http://cases.administarllc.com/txco).
The Company also announced today that it was notified by The
Nasdaq Stock Market on May 18, 2009, that Nasdaq will suspend
trading of the Company's common stock on The Nasdaq Global Select
Market, effective at the opening of business on May 28, 2009 in
accordance with Nasdaq Listing Rules 5100, 5110(b), and IM 5100-1.
The notification also stated that Nasdaq will file a Form 25-NSE
with the Securities and Exchange Commission to remove the Company's
securities from listing and registration on The Nasdaq Stock
Market. The Company does not intend to appeal Nasdaq's decision and
anticipates that its common stock will be delisted from The Nasdaq
Global Select Market. TXCO is seeking a listing on the OTCBB, which
it believes will provide a reasonable trading market for its
shares. In the interim, the Company's common stock will be quoted
on the Pink Sheets OTC market.
About the Pink OTC Markets, Inc.
and the OTC Bulletin Board (OTCBB)
The Pink OTC Markets, Inc. and the OTCBB (the �Markets�) are
regulated quotation services that display real-time quotes,
last-sale prices and volume information in OTC equity securities.
An OTC equity security generally is any equity that is not listed
or traded on a national securities exchange. National, regional and
foreign equity issues, warrants, units, American Depositary
Receipts (ADRs) and Direct Participation Programs are all eligible
for trading on the Markets. More information is available at
http://www.otcbb.com and http://www.pinksheets.com.
About TXCO Resources
TXCO Resources is an independent oil and gas enterprise with
interests in the Maverick Basin, the onshore Gulf Coast region and
the Marfa Basin of Texas, and the Midcontinent region of western
Oklahoma. TXCO's business strategy is to acquire undeveloped
mineral interests and internally develop a multi-year drilling
inventory through the use of advanced technologies, such as 3-D
seismic and horizontal drilling. It accounts for its oil and gas
operations under the successful efforts method of accounting and
trades its common stock on Nasdaq's Global Select Market under the
symbol "TXCO." Additional information, including recent regulatory
filings and investor presentations, is available at the Company's
Web site, www.txco.com.
Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of Section�27A of the Securities Act of 1933, as
amended, and Section�21E of the Securities Exchange Act of 1934, as
amended. In particular, statements by TXCO and its subsidiaries
(the "Company") regarding future events and developments and the
Company's future performance, including statements regarding
proceedings relating to the Company's petitions for relief under
chapter 11 of Title 11 of the United States Code and the Company's
operations and funding during the chapter 11 process, as well as
other statements of management's intentions, hopes, beliefs,
expectations, representations, projections, estimations, plans or
predictions of the future, are forward-looking statements and are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995.
Forward-looking statements in some cases can be identified by
their being preceded by, followed by or containing words such as
"estimate," "plan," "project," "forecast," "intend," "expect,"
"anticipate," "believe," "seek," "target" and other similar
expressions. Forward-looking statements are based on assumptions
and assessments made by the Company's management in light of their
experience and their perception of historical trends, current
conditions, expected future developments and other factors they
believe to be appropriate. Any forward-looking statements are not
guarantees of the Company's future performance and are subject to
risks and uncertainties that could cause actual results,
developments and business decisions to differ materially from those
contemplated by any forward-looking statements. Except as required
by law, TXCO undertakes no obligation to revise or update any
forward-looking statements, or to make any other forward-looking
statements, whether as a result of new information, future events
or otherwise. Such statements include those relating to: forecasts
of the Company's ability to successfully reorganize and emerge from
bankruptcy; estimated financial results; liquidity needs; the
Company's ability to finance the Company's working capital
requirements; expected oil and gas prices; production volumes; well
test results; reserve levels; number of drilling locations;
expected drilling plans, including the timing, category, number,
depth, cost and/or success of wells to be drilled; expected
geological formations; or the availability of specific services,
equipment or technologies.
Investors are cautioned that all forward-looking statements
involve risks and uncertainties including without limitation the
Company's ability to continue as a going concern; the Company's
ability to obtain debtor-in-possession (DIP) financing on an
interim or final basis; the Company's ability to operate pursuant
to the terms and conditions of any DIP financing and any cash
collateral order entered by the United States Bankruptcy Court for
the Western District of Texas in connection with the Company's
bankruptcy cases; the Company's ability to obtain Court approval
with respect to motions in the chapter 11 cases prosecuted by the
Company from time to time; the Company's ability to develop,
prosecute, confirm and consummate a plan of reorganization with
respect to the Company's bankruptcy cases; risks associated with
third parties seeking and obtaining court approval to terminate or
shorten the exclusivity period that the Company has to propose and
confirm a plan of reorganization, for the appointment of a chapter
11 trustee or to convert the Company's bankruptcy cases to cases
under chapter 7 of the U.S. Bankruptcy Code; the Company's ability
to obtain and maintain normal terms with vendors and service
providers; the Company's ability to maintain contracts that are
critical to its operations; the potential adverse impact of the
Company's bankruptcy cases on the Company's liquidity or results of
operations; the Company's ability to fund and execute its business
plan; the Company's ability to attract, motivate and retain key
executives and employees; the Company's ability to attract and
retain customers; the Company's ability to obtain capital to fund
the Company's working capital or other needs; the adequacy of the
Company's liquidity and ability to meet cash commitments, working
capital needs, lender and vendor obligations; general market
conditions; adverse capital and credit market conditions; the costs
and accidental risks inherent in exploring and developing new oil
and natural gas reserves; the price for which such reserves and
production can be sold; fluctuation in prices of oil and natural
gas; the uncertainties inherent in estimating quantities of proved
reserves and cash flows; competition; actions by third party
co-owners in properties in which the Company also owns an interest;
acquisitions of properties and businesses; operating hazards;
environmental concerns affecting the drilling of oil and natural
gas wells; impairment of oil and natural gas properties due to
depletion or other causes; and hedging decisions, including whether
or not to hedge. Similarly, these and other factors, including the
terms of any reorganization plan ultimately confirmed, can affect
the value of the Company's various pre-petition liabilities and
TXCO's common stock and preferred stock. No assurance can be given
as to what values, if any, will be ascribed in the chapter 11 cases
to each of these constituencies. Accordingly, the Company urges
that the appropriate caution be exercised with respect to existing
and future investments in any of these liabilities and/or
securities.
Txco Resources (MM) (NASDAQ:TXCO)
過去 株価チャート
から 5 2024 まで 6 2024
Txco Resources (MM) (NASDAQ:TXCO)
過去 株価チャート
から 6 2023 まで 6 2024