Emerge Energy to delay filing 10-Q
The company said, "Over the past several weeks, our management has been, and continues to be, focused on addressing Emerge Energy Services LP's compliance with its Amended and Restated Revolving Credit and Security Agreement, dated June 27, 2014, as amended. On October 19, 2015, we entered into a limited waiver to the Credit Agreement whereby the lenders waived any default or right to exercise any remedy as a result of the Partnership's failure to be in compliance with the total leverage ratio covenant for the fiscal quarter ended September 30, 2015. This limited waiver expires on November 13, 2015. Our management is currently negotiating an amendment to the Credit Agreement that would be entered into prior to the expiration of the limited waiver. These efforts have required significant amounts of management time that ordinarily would be devoted to preparation of the Partnership's Quarterly Report on Form 10-Q for the period ended September 30, 2015 and related matters. The terms of the amendment to the Credit Agreement or, in its absence, an acceleration of the outstanding amounts under Credit Agreement would materially affect the financial statements presented in the Quarterly Report and the disclosures set forth in the Quarterly Report. The issues described above, which have caused the Partnership to be unable to timely file the Quarterly Report, could not be eliminated without unreasonable effort or expense. We expect to file the Quarterly Report within the 5-day extension period afforded by Rule 12b-25."