On Monday, in the course of current trade, Shares of Magnum Hunter Resources Corp (NYSE:MHR), dropped -34.82%, and is now trading at $0.388.
Magnum Hunter Resources Corporation, declared that it has hired PJT Partners LP (NYSE: PJT) (the combination of Blackstone’s advisory businesses and PJT Capital LP, a global financial advisory firm founded by Paul J. Taubman), as financial advisor, and Kirkland & Ellis LLP, as special legal advisor, to advise administration and the Company’s Board of Directors regarding potential planned alternatives to enhance liquidity and address the Company’s current capital structure. As formerly revealed, the Company has actively worked to manage its balance sheet, counting potential consummation of certain asset sales. With the addition of these advisors, the Company will continue to develop and explore all potential planned alternatives.
To preserve liquidity as the Company considers these planned alternatives, the Board of Directors of the Company has suspended the monthly dividends on its 10.25% Series C Cumulative Perpetual Preferred Stock (“Series C Preferred Stock”), 8.0% Series D Cumulative Preferred Stock (“Series D Preferred Stock”) and 8.0% Series E Cumulative Convertible Preferred Stock (“Series E Preferred Stock”). This suspension commences with the monthly cash dividend that would otherwise have been declared and paid for the month ending October 31, 2015 and will continue indefinitely. The outstanding shares of Series E Preferred Stock are represented by depositary shares (the “Depositary Shares”), each representing a 1/1,000th interest of a share of Series E Preferred Stock. Under the terms of the Series C, Series D and Series E Preferred Stock, any unpaid dividends, counting the unpaid dividends for the month ending October 31, 2015 and any future unpaid dividends, will accumulate.
Magnum Hunter Resources Corporation, an independent oil and gas company, explores for, exploits, acquires, develops, and produces crude oil, natural gas, and natural gas liquid resources in the United States. The company operates through the U.S. Upstream, Midstream, and Oilfield Services segments.
Finally, Verizon Communications Inc. (NYSE:VZ) , gained 0.02% Monday.
Verizon, declared an initiative designed to connect with New York City’s tech community, in which it will open a coworking space at its landmark building at 140 West Street in lower Manhattan, across from One World Trade Center.
Verizon Communications Inc., through its auxiliaries, provides communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company’s Wireless segment offers wireless voice and data services; messaging services; service that enables its customers to access the Internet on smartphones, basic phones, notebook computers, and tablets; customers and business-focused multimedia offerings; location-based services; global data services; LTE Internet, a high-speed Internet service; and network access and value added services to support telemetry-type applications.
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