Soreide Law Group is currently handling cases involving clients who purchased Azure Midstream Partners (AZUR) and have experienced devastating losses.
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Azure Midstream Partners (AZUR) announced financial and operating results for the three months ending December 31, 2015. Azure had a net loss of ($1.8) million for the quarter.
The President and CEO, I.J. Berthelot said, "We continue to work our way through the financial challenges presented by this unprecedented extreme swing in the commodity pricing pendulum while executing consistently on all other aspects of our business Our relentless focus is on doing everything possible to enhance corporate value for our unitholders."
Azure's fourth quarter 2015 recurring operating expenses were $4.9 million, recurring general and administrative expenses were $2.4 million, depreciation and amortization expenses were $6.0 million, and interest expense was $2.7 million.
In summary, Azure Midstream Partners (AZUR) states that the decline in oil and natural gas prices during 2015 and into 2016 has had a significant adverse impact on their business, and has impacted Azure's ability to comply with its credit agreement. They feel that is unlikely they will be able to comply with the leverage covenant currently contained in the credit agreement during the next twelve months. Based upon their current estimates for commodity prices in 2016, they do not expect to remain in compliance with all of the restrictive covenants contained in their credit agreement throughout 2016 unless those requirements are waived or amended. Without those waivers or amendments, failure to meet these covenants and ratios would result in a default and an acceleration of the existing indebtedness, causing their debt of approximately $231.7 million to be immediately due and payable. These conditions raise doubt about Azure's ability to continue for a reasonable period of time.
If you have lost a significant amount in your investment in Azure Midstream Partners (AZUR), or any other energy related stock, contact Soreide Law Group for a no-cost review of your portfolio and the possibility of recovering your financial losses at: 888-760-6552.
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