Shares of Azure Midstream Partners, LP Common Units Limited AZUR plunged more than 28 percent on Monday after the company announced its fourth quarter cash distribution to shareholders has been temporarily suspended.
Azure Midstream Partners added that it is pursuing several options to "strengthen its balance sheet" include an equity restructuring, capital raise in addition to consideration of strategic alternatives.
"We view this suspension as a means to reduce leverage while we work to implement a 'one and done' solution that is designed to withstand the possibility of a multi-year challenging energy environment," said I.J. 'Chip' Berthelot II, Azure president and CEO. "In spite of the distribution suspension, we are expecting Q4 2015 to be one of its strongest quarters in the history of the partnership."
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