from June 30 nr BNPP has:
| (a) | deferred to July 30, 2021, the due date of (i) the principal and interest payments under the Credit Facility originally scheduled for June 30, 2021, and (ii) the settlement payment under the hedge program originally scheduled for July 2, 2021; and |
| | |
| (b) | waived, until and including July 30, 2021, the Company's compliance with the financial covenants under the Credit Facility. |
This deferral and waiver will facilitate the Company's strategic review process, initially announced by press release dated May 13, 2021, and subsequently updated by press release dated June 8, 2021, which is continuing. However, there can be no assurance that the strategic review process will result in any transaction, whether BNPP will provide additional deferrals, waivers or amendments or what the terms or timing of such a transaction or additional deferrals, waivers or amendments might be.
To support the continuation of the strategic review process, the Company is actively managing its liquidity and capital resources. Prioritizing cash preservation to allow for a robust process has included reducing certain capital expenditures which is anticipated to have an impact on production over the next 6 to 9 months. At this time, the Company is unable to provide updated guidance as the process continues to evolve but believes its revised 2021 guidance, issued on May 13, 2021, is at risk and may not be achieved.
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July 30........is BNP going to pull the plug and the Appian directors are bailing beforehand ? Dunno, but sure smells bad.