Coho Energy Receives Notice of Default From Bank Lenders.DALLAS--(BUSINESS WIRE)--March 8, 1999--Coho Energy, Inc. (Nasdaq:COHO) announced today that it has received written notice from the Company's lenders to the effect that the Company is in default under the Company's existing credit agreement. The reason for the default, as cited in the notice, is the non-payment non-payment Noun failure to pay money owed non-payment n → Nichtzahlung f, Zahlungsverweigerung f non-payment n of the first of five equal installments, which was due March 2, 1999, on the difference between the total outstanding amount of the loan ($239.6 million) and the borrowing base ($150 million) as redetermined by the Company's lenders on Feb. 22, 1999. The lenders reserved all rights, remedies rem·e·dy n. pl. rem·e·dies 1. Something, such as medicine or therapy, that relieves pain, cures disease, or corrects a disorder. 2. Something that corrects an evil, fault, or error. 3. and privileges privileges, n the authority granted to a physician or dental professional by a hospital governing board to provide patient care in the hospital. Clinical privileges are limited to the individual's license, experience, and competence. as a result of the payment default, but the Company expects to continue to discuss a financing alternative with the bank group. The Company is continuing to review all of its options and is working on the development of a comprehensive plan to restructure its financial obligations but cannot give any assurances that a restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). can be accomplished. |
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