GMX Resources Sinks 4% Near Low; Completes Solicitation of Consent for Holders of Secured Notes Due 2017

By Staff,

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GMX Resources Inc. ( GMXR ) is down 4.2% near the 52-week low after the company yesterday announced that it has solicited consents from record holders of the the company's Senior Secured Notes due 2017 (Existing Notes)to obtain the approval of the proposed amendments to the indenture governing the Existing Notes and of the execution and delivery of a supplemental indenture to effect the Proposed Amendments.

GMXR will pay to each holder of Existing Notes who validly delivered its consent on or prior to the Consent Date and did not revoke its consent a cash consent payment of $5 per $1,000 principal amount of Existing Notes for which consents have been so delivered. The payment of the consent fee will be made as soon as practicable following the Consent Date.

GMXR is trading at $0.55 in a 52-week range of $0.45 - $2.22. Shares have fallen 66% in the last 12 months.

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This article appears in: Investing Commodities
Referenced Stocks: GMXR

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