The drop was due to a decline in the value of its oil reserves based that resulted from the year-long decline in oil prices.
Denver-based Emerald had lined up a $75 million term loan to help pay down its revolving credit facility before it became overdrawn but the company admitted that the loan never closed.
Emerald has hired consultancy Opportune, investment bank Intrepid Partners and law firm Mayer Brown to advise the company’s board on its financial options, including negotiations with second-lien debt holders.
Emerald
