Key Developments: Forbes Energy Services Ltd (FES.OQ)
Latest Key Developments (Source: Significant Developments)
Forbes Energy Services Ltd. announced the completion of the previously announced sale of substantially all of its assets located in Mexico, as well as its equity interests in Forbes Energy Services México Servicios de Personal, S. de R.L. de C.V., for aggregate cash consideration of approximately $30 million (excluding amounts paid to cover certain Mexican taxes). Full Article
Forbes Energy Services Ltd. announced that it and certain of the Company’s subsidiaries have entered into a purchase agreement with Dirivera Investments LLC and RGV Holding, S.A. de C.V. covering the sale of substantially all of Forbes Energy’s assets currently located in Mexico as well as the company’s equity interests in Forbes Energy Services México Servicios de Personal, S. de R.L. de C.V. for aggregate cash consideration of $30 million. The transaction is expected to be completed by January 15, 2012, subject to customary closing conditions. Full Article
Forbes Energy Services Ltd. announced that it has entered into a five year asset based revolving credit facility with Regions Bank and certain other lenders, which is secured by substantially all of the Company's assets. The credit facility provides for initial borrowing availability of up to $75 million. The agreement governing the credit facility contains certain negative and affirmative covenants that are customary for loans of this nature, and permits the Company to use the proceeds from the credit facility for the purchase of equipment, permitted acquisitions and other general corporate purposes. Full Article
- The New York Knicks are the National Basketball Association's (NBA) most valuable team, worth over $1 billion, according to a Forbes poll released on Wednesday that showed the average team value rose 30 percent over the last year.