Dispute with lender could force Ferrellgas to restructure debt - Bloomberg [Seeking Alpha]
FERRELLGAS PARTNERS (FGP)
Last ferrellgas partners earnings: 10/15 04:20 pm
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ferrellgas.com/our-company/investor-information
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Source: Seeking Alpha
Dispute with lender could force Ferrellgas to restructure debt - Bloomberg Ferrellgas Partners (NYSE: FGP running out of time to turn things around TPG may allege a default because the auditor's statement includes a warning of substantial doubt about FGP's viability, which could force FGP to restructure, sell assets or pursue other financial transactions, says Bloomberg, citing the company's 10-K filing FGP risks accelerating payment on some of its ~$2B debt load and hurting its liquidity if it cannot satisfy TPG, the report says, noting FGP reported just $11.1M in cash as of July 31 and $155.1M of availability under its under senior secured credit facility. Some investors reportedly are interested in injecting new money into FGP, and the company believes it will have adequate liquidity and time to improve the balance sheet and figure out a way to refinance $357M of bonds maturing in June.
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