Rex Energy Gets 4th Extension to Delay Paying Defaulted IOU

In early April, Rex Energy, a driller focused solely on the Marcellus/Utica driller, defaulted on payments it owes to debtholders (see Rex Energy Defaults on IOUs, Can’t File Annual Report on Time). Rex told the Securities and Exchange Commission (SEC) the company could not make a semi-annual interest payment due on senior notes on April 2. Rex said in the filing that the noteholders to whom payment is due (Angelo, Gordon & Co.) signed a temporary “forbearance” agreement that gives Rex a little breathing room, until April 16. The April 16 payment didn’t happen. Rex and Angelo signed a second forebearance agreement giving Rex another extension–until April 23–to either pay or agree to a new deal (see Rex Energy Gets 1 Extra Wk to Pay Defaulted IOU, Files Annual Report). April 23 came and went with no deal, and once again Rex and Angelo signed an agreement, the third such forbearance agreement, which gave the company until May 2 (see Rex Energy Gets 3rd Extension to Pay Defaulted IOU). May 2 came and went and (you guessed it), Rex has now signed a fourth forebearance agreement, giving the company another week–until May 9…

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