Skip to main content

Market Overview

Goodrich Petroleum Suspends Dividend Payment on Series B, C & D Preferred Stock For Fourth Quarter 2015

Share:

Goodrich Petroleum Corporation (NYSE: GDP) announced today that it has suspended the quarterly dividends for the quarter ending December 31, 2015 on its 5.375% Series B Cumulative Convertible Preferred Stock ("Series B"), its 10.00% Series C Cumulative Preferred Stock ("Series C"), and its 9.75% Series D Cumulative Preferred Stock ("Series D").

Under the terms of the Series B, Series C and Series D, any unpaid dividends, including the unpaid dividends for the quarter ending December 31, 2015 and any future unpaid dividends, will accumulate.  If the Company does not pay dividends on its Series B, Series C and Series D for six quarterly periods (whether consecutive or non-consecutive), the holders of each series of preferred stock will have the right to elect two additional directors to serve on the Company's Board of Directors until all accumulated and unpaid dividends are paid in full.  The dividend rate per annum on the Series B will be increased 1% per annum until all accumulated and unpaid dividends are paid in full.

The Series B was issued in 2005 and 2006 and trades on the OTCQB market under the symbol "GDPAN".  The Series C was issued on April 10,

See full press release

 

Related Articles (GDP)

View Comments and Join the Discussion!

Posted-In: News Offerings Press Releases

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com