Orlando, FL -- (SBWIRE) -- 06/26/2013 -- Hot Stock Profits provides investors and traders with valuable trading tools and content as well as micro-cap stock alerts via eMail and text messages. To Join Our Text Message Alerts Service Just Text The Word Stocks To 555888 From Your Cell Phone. Our Focus Today Is On: Walter Energy, Inc. (NYSE:WLT), Office Depot Inc (NYSE:ODP).
Walter Energy, Inc.(NYSE:WLT) has said that the plans announced last week to refinance some of its debt will not materialize.
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The coal miner’s shares tanked with heavy volumes on reports that the refinancing would not happen, and trading was halted at around 2 p.m.
After market close, the company clarified that it does not have any significant debt payments due until 2015 and that the proposed refinancing would not have raised additional capital.
In March this year, the energy company had sold $450 million in senior notes due in 2021 at 8.5 percent. On June 5, it said that it was exploring options to refinance part of its debt "to increase its financial flexibility."
There were news reports that the company has withdrawn the refinancing because of market conditions.
According to Sterne Agee analyst, Michael Dudas, several companies have done the same because of volatility in the debt and loan markets. He said that Walter Energy has $2.6 billion in debt and about $536 million in liquidity.
Office Depot Inc(NYSE:ODP)has announced that the Delaware Chancery Court has entered an order in its pending litigation with Starboard Value and Opportunity Master Fund Ltd. regarding Office Depot’s annual shareholder meeting. In accordance with the order, the office supplies provider will hold its annual shareholder meeting on the earlier announced date i.e. August 21, 2013.
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“Starboard knew we had initiated the annual meeting process before it filed its complaint,” stated Neil Austrian, Chairman and CEO of Office Depot. “It was unfortunate the Company had to spend time and resources on this distracting litigation.”
Shareholders of record on July 11, 2013 will be eligible to vote at the annual shareholders meeting. Details like location and time will be included in the proxy materials that will be mailed to shareholders before the meeting.
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