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Delta Petroleum Corp. Jan 12
Standard & Poors, Jan 2012
Abstract
Participation in the oil and gas exploration and production industry. Its Chapter 11 filing, constituting a default; Weak liquidity; Extremely high financial leverage; Low natural gas prices and wide differentials; and A high cost structure that limits profitability. Standard & Poor's Ratings Services' ratings on Delta Petroleum Corp. (Delta) reflect the company's announcement on Dec. 16, 2011 that it has filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court. Delta is seeking court approval of a debtor in possession (DIP) financing facility of $57.5 million, which we expect will allow it to maintain operations during the Chapter 11 restructuring. The company had approximately $380 million of funded debt as of Sept. 30, 2011. Delta's financial risk profile is...
Companies mentioned in this report are: Delta Petroleum Corp.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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