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Article: United States : Gas Producers Face Cuts to Credit Lines After Plunge in Prices.
- Article from:
- TendersInfo
- Article date:
- September 1, 2009
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Byline: manish03
Natural-gas producers in the U.S. are heading for a day of reckoning with their banks as soon as this week.
At issue are so-called redeterminations, where banks review gas companies credit lines periodically and adjust amounts that can be borrowed when fuel reserves securing the debts change in value. The next redeterminations for many producers are in September, and this time around, plunging gas prices will cause credit lines to be slashed, Southwestern Energy Co. Chief Executive Officer Steven Mueller said.
A lot of guys barely held on last redetermination, and we ll just see what happens here, Mueller said in an interview in ...