Norse Energy continues to go down the disposal well – and as it does, if they left any bills unpaid, don’t be surprised to see a mechanic’s lien filed on your property if you leased to them. Have they defaulted on a road use agreement ? Tough frack. If you did work for them, rotsa frackin ruck, since they evidently can’t even pay their secured creditors, per this announcement:
“Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC) provides an update on the restructuring process. As previously announced, the Company has been pursuing alternatives to secure funding for the Norwegian parent company, Norse Energy Corp. ASA, in parallel with the efforts to re-organize the business affairs of its US subsidiaries through the filing of Chapter 11 proceedings under the United States Bankruptcy Code.
The Company advises that interest which was due 2 January 2013 under the NEC convertible callable bond issue 2012/2015 (ISIN NO 001064079) has not been paid. This may result in the outstanding bonds in the amount of USD 21 million at the Norse Energy Corp. ASA level being declared to be in default and due for payment, if the bondholders elect to do so.”
All of Norse’s acreage is pledged or otherwise encumbered – the creditors will come after it.