OK
This was announced on 9/24 (the day the volume and in the preferred's picked up when their price tanked).
It's clear that MHR is going to be restructured, the question is how. Who gets what haircut. Remember common equity is last in line as anyone holding the preferred has priority (not to mention any bonds and securitized loans).
Need to analyse debit and articles of association for the preferred's as well as free cash and their asset base which will make up the pie that gets cut up.
A bit complicated and time consuming for a individual investor.........mad2
Magnum Hunter Resources Announces the Appointment of Vice President - Finance and Capital Markets
Magnum Hunter ResourcesSeptember 24, 2015 10:02 AM
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IRVING, TX--(Marketwired - Sep 24, 2015) - Magnum Hunter Resources Corporation (NYSE: MHR) (NYSE MKT: MHR.PRC) (NYSE MKT: MHR.PRD) (NYSE MKT: MHR.PRE) (the "Company" or "Magnum Hunter") announced today that the Board of Directors has appointed Chris Hewitt as Vice President - Finance and Capital Markets effective September 15, 2015. Mr. Hewitt, age 45, will report directly to Gary C. Evans, Chairman and Chief Executive Officer of Magnum Hunter.
Mr. Hewitt brings more than 14 years of investment banking experience, including 12 years providing equity and debt capital markets and mergers and acquisition advisory services for large independent oil and gas exploration and production companies. Mr. Hewitt has extensive experience in executing capital market transactions, including initial public and follow-on equity offerings as well as investment grade and high yield debt offerings. Prior to his appointment at Magnum Hunter, Mr. Hewitt served as Director of energy investment banking at Wells Fargo Securities since 2010. During his 9 year tenure at Wells Fargo Securities (previously Wachovia Capital Markets) he also served as Vice President of energy investment banking. Prior to joining Wells Fargo / Wachovia, Mr. Hewitt served in various investment banking roles at both Lehman Brothers and Bear Stearns & Company. Mr. Hewitt earned a Bachelor of Arts degree in International Relations from the University of Notre Dame. In addition, Mr. Hewitt holds a Juris Doctorate from the University of Texas School of Law and a Masters of Business Administration from the Fuqua School of Business at Duke University.
Management Comments
Mr. Gary C. Evans, Chairman of the Board and Chief Executive Officer of Magnum Hunter, commented, "The appointment of Chris Hewitt fills a void that has existed throughout this year within our organization due to our corporate move to Dallas. He will be assisting me and our financial team as we continue to navigate during these trying times within the energy industry. We believe there currently exists a number of "financial engineering" opportunities available to us due to depressed trading multiples in our sector across the board. Chris Hewitt and his substantial financial experience will be instrumental in assisting us in reviewing these possible restructuring scenarios." |
