Dune Energy, Inc. reported that the company has received the necessary approval for a proposed financial restructuring plan from shareholders of the company’s preferred stock.
Dune Energy, Inc. said that shareholders representing 74% of the outstanding 10% Senior Redeemable Convertible Preferred Stock have voted in favor a financial reorganization plan offered by the company in late 2011. The company said that approval of more than two thirds of the preferred shareholders was needed for the plan to proceed.
The restructuring plan includes the automatic conversion of all the outstanding 10% Senior Redeemable Convertible Preferred Stock into $4 million cash and 1.5% of the post restructuring common stock of Dune Energy, Inc.
Dune Energy, Inc. said that the restructuring plan has been approved by bondholders representing 96% of the outstanding 10.5% Senior Secured Notes due 2012. The bondholders are expected to receive a portion of new common stock to be issued by the company. The restructuring plan will also give the bondholders $50 million principal of a new issue of Floating Rate Senior Secured Notes or an aggregate cash payment of $50 million.
Dune Energy, Inc. said that the deadline for bondholders to exchange the current notes and participate in the offer is at 11:59 a.m. on December 13, 2011
For more information on the company, go to http://www.duneenergy.com/
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