CorEnergy Infrastructure Trust, Inc.: restructuring charge — CorEnergy reports FY2023 preliminary results: $282.8M net loss, $254.9M impairment, in Chapter 11

CorEnergy Infrastructure Trust, Inc.

Net loss attributable to common stockholders $282.8M; revenue $131.6M.
Recorded $254.9M preliminary impairment on Crimson assets due to declining volumes.
Filed Chapter 11 bankruptcy in Feb 2024; stock delisted from NYSE, trades OTC Pink (CORRQ).
Total assets $233.3M, liabilities $263.4M, equity negative $30.1M; expects no cash impact from impairment.
Results are preliminary and unaudited; annual 10-K not yet filed.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.8

CorEnergy Infrastructure Trust, Inc. reported preliminary financial results for the fiscal year ended December 31, 2023.

Period: the fiscal year ended December 31, 2023
Result: preliminary results

Exact text from the filing

On April 11, 2024, the Company filed with the Bankruptcy Court preliminary unaudited financial information for the fiscal year ended December 31, 2023.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

CorEnergy Infrastructure Trust, Inc. announced a impairment with charges of a preliminary loss on impairment of long-lived assets of $254.9 million affecting Crimson assets.

Type: impairment
Charge: a preliminary loss on impairment of long-lived assets of $254.9 million
Affected area: Crimson assets

Exact text from the filing

the Company determined the carrying value of certain of its long-lived assets were greater than the fair value and accordingly recorded a preliminary loss on impairment of long-lived assets of $254.9 million

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Source: SEC EDGAR

accession 0001347652-24-000044

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