Impact - negative with fourth quarter cash flow well below our thinking and the consensus estimate coupled with a significant haircut to year-end reserves. In addition, further uncertainty exists surrounding the Company's outstanding debt as under current pricing Management is forecasting a breach of its covenants in 2Q16, and thus has entered into discussions with its lenders to explore available options, including potential for a second round of covenant relief
10 Mar 2016
ANNOUNCES YEAR-END RESULTS
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ANNOUNCES YEAR-END RESULTS
Impact - negative with fourth quarter cash flow well below our thinking and the consensus estimate coupled with a significant haircut to year-end reserves. In addition, further uncertainty exists surrounding the Company's outstanding debt as under current pricing Management is forecasting a breach of its covenants in 2Q16, and thus has entered into discussions with its lenders to explore available options, including potential for a second round of covenant relief