Southwestern Energy Buys More Time with Banks, Debtholders

southwestern energyIt seems running an E&P (exploration and production) company these days is an exercise in debt management. How you keep the company out of bankruptcy court. The latest effort in that regard comes from Southwestern Energy, a major Marcellus/Utica driller. Yesterday Southwestern announced it has cut deals with its bankers and debtholders to push out the due date on its loans/IOUs another two years beyond the existing due date. That buys the company more time to, well, more time to figure out what else to do: wait for natgas prices to go up; fire more people to reduce overhead; pull a rabbit out of the hat; whatever. Here’s the announcement from Southwestern that they’ve just bought more time…

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