Linn Energy skips interest payments on new set of notes

Fri Apr 15, 2016 8:04am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

April 15 (Reuters) - Oil and gas producer Linn Energy LLC said it planned to skip interest payments on some of its senior notes due on Friday, after making bond payments that were deferred last month.

Linn Energy and its unit, Berry Petroleum Co LLC, planned to skip interest payments of a total of $58 million, due Friday and May 1, kicking off a 30-day grace period, the company said in a statement.

Linn said it paid off interest payments of about $60 million that were deferred on March 15, when the company said that bankruptcy may be unavoidable, after flagging substantial doubt about its ability to continue as a going concern. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Shounak Dasgupta)