CorEnergy Infrastructure Trust, Inc.: Nasdaq/NYSE listing notice — CorEnergy files Chapter 11 bankruptcy, restructuring plan gives noteholders 88.96% of new equity

CorEnergy Infrastructure Trust, Inc.

Filed Chapter 11 bankruptcy on Feb 25, 2024; RSA with holders of ~90% of 5.875% Convertible Senior Notes due 2025.
Plan: Senior Noteholders get $23.6M cash, 88.96% of new common stock, $45M 12% secured term loan, $10M revolver.
Preferred Stock holders get 8.25% of new common if approve plan, else $0; common stock holders get estimated $0.
Delisting from NYSE withdrawn appeal; common stock and preferred stock now trading on OTC Pink under CORR and CORRL.

item 1.01 item 1.03 item 2.04 item 3.01 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CorEnergy Infrastructure Trust, Inc. reported a default on senior notes.

Instrument: senior notes
Event: default

Exact text from the filing

The filing of the Chapter 11 Case constitutes an event of default that accelerated obligations under the indenture for the Senior Notes.

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Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

CorEnergy Infrastructure Trust, Inc. entered chapter 11 in United States Bankruptcy Court for the Western District of Missouri (petition 2024-02-25).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Western District of Missouri
Petition: 2024-02-25

Exact text from the filing

On February 25, 2024 (the “Petition Date”), CorEnergy Infrastructure Trust, Inc. (the “Company”) filed a voluntary petition to commence proceedings under chapter 11 (the “Chapter 11 Case”) of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Western District of Missouri (the “Bankruptcy Court”).

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Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

CorEnergy Infrastructure Trust, Inc. received a nyse delisting notice notice regarding market value (rules 802.01B).

Exchange: nyse
Notice: delisting notice
Deficiency: market value
Rules: 802.01B

Exact text from the filing

December 1, 2023, the Company received a written notice from the staff of NYSE Regulation notifying the Company that NYSE Regulation had determined to commence proceedings to delist the Company's common stock the Preferred Stock from the New York Stock Exchange (“NYSE”). NYSE Regulation reached this decision pursuant to Section 802.01B of the NYSE’s Listed Company Manual because the Company had fallen below the NYSE’s continued listing standard requiring listed companies to maintain an average common stock global market capitalization over a consecutive 30 trading day period of at least $15.0

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299 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001347652-24-000017

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