On Friday, The Coca-Cola Co (NYSE:KO)’s shares declined -1.15% to $42.27.
The Coca-Cola Company declared that it has signed Letters Of Intent (LOI) with three U.S. bottlers to grant expanded distribution territories in five states as it continues to accelerate the pace of territory refranchising.
In each territory, The Coca-Cola Company will grant exclusive rights to these bottlers for the sale and distribution of bottler-delivered Coca-Cola beverages.
Coca-Cola Refreshments (CCR), the Company-owned U.S. bottler, will sell its sales and distribution assets to the expanding local bottling partner. New letters of intent provide that:
- Coca-Cola Beverages Florida, based in Tampa, will assume additional territory in southeastern Florida counting Ft. Lauderdale, Hollywood, Miami and West Palm Beach
- Coca-Cola Bottling Company UNITED,based in Birmingham, Ala, will assume additional territories in north and central Georgia counting Atlanta and the Metro Atlanta area, Athens, Macon, and Rome. Additionally, as part of the National Product Supply System, UNITED will acquire production facilities in College Park and Marietta, Ga., Montgomery, Ala. and Cleveland, Tenn.
- Viking Coca-Cola Bottling Company, based in St. Cloud, Minn., will assume territory in portions of northern Minnesota counting Duluth, northern Wisconsin counting Ashland, and a portion of Michigan
The Coca-Cola Company, a beverage company, manufactures and distributes various nonalcoholic beverages worldwide. The company primarily offers sparkling beverages and still beverages.
California Resources Corp (NYSE:CRC)’s shares dropped -3.51% to $2.75.
California Resources Corporation (CRC) declared the expiration and final results of its private offers to exchange (the “Exchange Offers”) up to $2.8125 billion aggregate principal amount (the “Maximum Exchange Amount”) of its outstanding 5.0% Senior Notes due 2020 (the “5% Notes”), 5½% Senior Notes due 2021 (the “5½% Notes”) and 6.0% Senior Notes due 2024 (the “6% Notes” and together with the 5% Notes and the 5½% Notes, the “Old Notes”) held by Eligible Holders, for newly issued 8.00% Senior Secured Second Lien Notes due 2022 (the “New Secured Notes”).
The Exchange Offers expired at 11:59 p.m. New York City time on December 10, 2015 (the “Expiration Time”). As of the Expiration Time, $3,653,296,000 in aggregate principal amount of the Old Notes, representing 73 % of the outstanding principal amount of the Old Notes, had been validly tendered (and not validly withdrawn) following the Exchange Offers.
Because the aggregate principal amount of Old Notes validly tendered (and not validly withdrawn) at or before 5:00 p.m. New York City time on December 1, 2015 (the “Early Participation Time”) exceeded the Maximum Exchange Amount, CRC will accept only Old Notes tendered preceding to the Early Participation Time on a pro rata basis as offered in the Offering Memorandum and will not accept any Old Notes tendered after the Early Participation Time.
California Resources Corporation operates as an oil and natural gas exploration and production company in the State of California. It produces oil, natural gas, and natural gas liquids.
At the end of Friday’s trade, Arch Coal Inc (NYSE:ACI)‘s shares dipped -12.62% to $0.900.
Arch Coal, Inc. (ACI) declared that it has been notified by the New York Stock Exchange Regulation, Inc., that it is not in compliance with the New York Stock Exchange, Inc.’s continued listing standards.
Arch Coal is considered below criteria established by the NYSE for continued listing standards because its average equity market capitalization has been less than $50 million over a successive 30 trading-day period, and because its stockholders’ equity was below $50 million in its most recent 10-Q filed with the Securities and Exchange Commission on November 11, 2015 for the period ended September 30, 2015.
In accordance with applicable NYSE procedures, Arch Coal has 10 business days to submit a letter to the NYSE confirming whether it will submit a plan that demonstrates its ability to regain compliance within 18 months. Upon submission of such a letter, Arch would then submit a plan within 45 days of the receipt of the notice. Upon receipt of the plan, the NYSE would have 45 calendar days to review and determine whether Arch Coal has made reasonable demonstration of its ability to come into conformity with the relevant standards within the 18-month period. The NYSE will either accept the plan, at which time Arch Coal would be subject to ongoing monitoring for compliance with the plan, or the NYSE will not accept the plan and Arch Coal would be subject to suspension and delisting proceedings. During the 18-month cure period, Arch Coal shares would continue to be listed and traded on the NYSE, subject to its continued compliance with other NYSE continued listing standards. Arch can provide no assurances that it will be able to satisfy any of the steps outlined above and maintain a listing of its shares.
Arch Coal, Inc. produces and sells thermal and metallurgical coal from surface and underground mines located in the United States. As of December 31, 2014, it operated or contracted out the operation of 16 mines; and owned or controlled about 5.1 billion tons of proven and probable recoverable reserves.