Dune Energy Makes Interest Payment on 10 1/2% Senior Secured Notes
31 12월 2009 - 6:15AM
PR Newswire (US)
HOUSTON, Dec. 30 /PRNewswire-FirstCall/ -- Dune Energy, Inc. (NYSE
AMEX: DNE) announced it made the $15.9 million interest payment on
its 10 1/2% Senior Secured Notes due 2012 (CUSIP:265338AC7). As
previously announced on December 2, 2009, Dune had withheld this
payment during the applicable grace period pending ongoing
negotiations with its note holders regarding a possible debt
restructuring. However, our proactive negotiations with the holders
of a majority in principal amount of Dune's $300 million senior
secured notes did not result in a comprehensive restructuring
proposal that was acceptable to Dune's board of directors. James A.
Watt, President and Chief Executive Officer stated "We were unable
to reach an agreement to restructure the notes that our board felt
was in the best interest of our shareholders. Consequently, we
concluded negotiations with the note holders and made the interest
payment within the allowed grace period. We will end the year 2009
in compliance with all covenants in our various debt instruments."
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http://www.duneenergy.com/news.html?b=1683&1=1 FORWARD-LOOKING
STATEMENTS: This document includes forward-looking statements.
Forward-looking statements include, but are not limited to,
statements concerning estimates of expected drilling and
development wells and associated costs, statements relating to
estimates of, and increases in, production, cash flows and values,
statements relating to the continued advancement of Dune Energy,
Inc.'s projects and other statements which are not historical
facts. When used in this document, the words such as "could,"
"plan," "estimate," "expect," "intend," "may," "potential,"
"should," and similar expressions are forward-looking statements.
Although Dune Energy, Inc. believes that its expectations reflected
in these forward-looking statements are reasonable, such statements
involve risks and uncertainties and no assurance can be given that
actual results will be consistent with these forward-looking
statements. Important factors that could cause actual results to
differ from these forward-looking statements include the potential
that the Company's projects will experience technological and
mechanical problems, geological conditions in the reservoir may not
result in commercial levels of oil and gas production, changes in
product prices and other risks disclosed in Dune's Annual report on
Form 10-K filed with the U.S. Securities and Exchange Commission.
DATASOURCE: Dune Energy, Inc. CONTACT: Investors, Steven J. Craig,
Sr. Vice President Investor Relations and Administration of Dune
Energy, Inc., +1-713-229-6300 Web Site: http://www.duneenergy.com/
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