EP Energy secures plan support agreement with key creditors and commitment for significant new money investment

first_img Image: EP Energy has secured plan support agreement with key creditors. Photo: courtesy of rawpixel/Pixabay. EP Energy Corporation (“EP Energy” or the “Company”) (OTC Pink: EPEGQ) today announced that it has entered into a Backstop Commitment Agreement (the “Backstop Agreement”) and Plan Support Agreement (the “PSA”) with a number of its key creditors on the terms of a comprehensive restructuring plan (the “Plan”). The Backstop Agreement and PSA memorialize the terms of the previously disclosed agreement in principle reached on October 3, 2019, and will provide for, among other things: (1) a substantial reduction of the Company’s existing funded debt by approximately $3.3 billion, (2) a substantial reduction of the Company’s annual debt service obligations by up to $263 million, and (3) a $475 million rights offering, approximately $463 million of which is backstopped by parties holding approximately 52.0% of the Debtors’ 1.25L Notes and approximately 79.3% of the Debtors’ 1.5L Notes. In addition, the Company has entered into a commitment letter under which over 90% of the Company’s existing revolving loan lenders have committed to provide support for an approximately $629 million Senior Secured Exit Financing.President and Chief Executive Officer Russell Parker said, “We are pleased to have reached an agreement with a substantial group of our key creditors on a plan that will facilitate our goal of significantly reducing our debt and enhancing our long-term competitive position. This agreement demonstrates our creditors’ confidence in our business and will enable EP Energy to work through the financial restructuring process on an expedited basis as we continue our operations without interruption. The EP Energy team remains focused on improving operational execution and capital efficiency and positioning the Company to succeed in the current operating environment. We appreciate the continued dedication of our talented team of employees, and the partnership of our royalty owners, lessors, vendors and business partners.”As previously announced, EP Energy voluntarily filed for chapter 11 reorganization in the U.S. Bankruptcy Court for the Southern District of Texas. EP Energy is continuing to operate in the normal course during the financial restructuring process. Source: Company Press Release Reorganization expected to reduce company’s existing debt by approximately $3.3 billionlast_img read more

ACCC to reopen by May

first_imgThe Arthur Chung Conference Centre (ACCC) will once again open its doors to host events after undergoing rehabilitation works for the past two years.The Conference Centre, which would host events like international summits, regional conferences, award ceremonies and graduations, had been showing signs of deterioration. It was reported that staff members had noticed cracks in the ceiling, uneven flooring, broken tiles and issues with the underground insulation system. As such, the facility was closed in December of 2016 with the safety of staff and patrons in mind.Public Telecommunications Minister Cathy Hughes explained the need for works was timely since it coincided with the due date for renovations that was agreed upon before the building’s construction. “An agreement was signed between the Guyana Government and the People’s Republic of China, one of the stipulations in the agreement was that the Chinese contractor that constructed the Centre would have to carry out repairs and maintenance after 10 years of use,” Hughes stated.When questioned about Guyana’s financial obligation for the ongoing works, Minister Hughes explained that the initial project and subsequent rehabilitation were the financial responsibility of the Chinese Government and the Chinese company that constructed the building.She said, “The first time this building was constructed, [it] was completely funded by the Chinese Government, and I want you to know that the complete rehabilitation project was once again funded by the Chinese Government.”The conference facility has not only been rehabilitated, but would also see a number of improvements and technological upgrades. “The main conference hall will be equipped with a digital conference system that can accommodate three languages spoken simultaneously, 372 new theatre chairs, video matrix switcher, LED screens and overhead projectors,” ACCC General Manager Nancomar Ramdial said.The much-anticipated completion is scheduled for May 27, 2018. The elated General Manager noted that major companies have already expressed interest in utilising the facilities as early as June. “The final date for completion of all works is May 27, right on the 18-month schedule and the Centre already has bookings from June of this year to the first quarter of 2019,” Ramdial disclosed.The newly-renovated Centre boasts a main conference hall, eastern and western conference rooms- which can be divided into smaller rooms, business centre, conference secretariat, computer lab, first aid clinic, dining hall and kitchen.What was initially named the Guyana International Conference Centre was unveiled on February 16, 2006 and saw 13 conferences in its first year. That number grew to 114 by 2016. The facility was later renamed the Arthur Chung Conference Centre in 2015, to honour the legacy of Guyana’s first President, Arthur Chung, who served from 1970 to 1980.last_img read more

Born with a top Touch

first_imgPeter Norman continues a family legacy in Touch Football and attached is an article written about him in the Gold Coast Bulletin. Thanks to Greg Norman for providing the article content.Related Filesborn_with_a_top_touch-pdflast_img

a month agoAston Villa defender Tyrone Mings: Something has to change

first_imgAbout the authorPaul VegasShare the loveHave your say Aston Villa defender Tyrone Mings: Something has to changeby Paul Vegasa month agoSend to a friendShare the loveTyrone Mings says something has to change at Aston Villa following Sunday’s 3-2 loss to Arsenal.With just 10 men, the Gunners came from behind twice to claim the home victory over Mings’ Villa outfit.It wasn’t the first time Villa have blown a lead this season, and Mings wants to see a different attitude from his teammates.Speaking after the game, Mings said: “We were good at times but it feels like when we go ahead there is desperation to hold onto the lead rather than going and getting another goal and really being ruthless.”I don’t know what it is at the moment but something needs to change, especially when we go either ahead or have a man advantage. It seems to have the opposite effect.”We know that we should have done the same things as we did in the first half that got us into the lead.”The manager didn’t really give us a message but we should have been able to troubleshoot on the pitch. We’re a pressing team and we like to go and press. We just stopped doing that.”As a team we need to be a bit braver and go and stop teams higher up the pitch, especially with a man advantage. But we said the same after Tottenham when we appeared to drop off so it’s a tough one to take.”I don’t question the group of lads that we’ve got one bit. There’s just certain elements of our game – and when certain things happen – it seems to affect us in a negative way, rather than a positive.”The mentality we have has got us into the lead on two occasions. It’s a natural thing to drop off when we’ve got a goal, but we need to start doing what we did when we got into the lead in the first place. It’s been our downfall.” last_img read more

Teams from China other countries arrive for India leg of International Army

first_imgNew Delhi: Military teams from China and several other countries have arrived in the country to participate in the India leg of the International Army Games that will be held in culturally-rich golden city of Jaisalmer from August 6 to 14, officials said on Monday.India is all set to host the fifth Army International Scout Masters Competition as part of the games. It will take part in this discipline for the first time. The international military sports event in Rajasthan’s Jaisalmer will be held for over nine days in August in a bid to promote bonhomie among the participating countries. Also Read – Uddhav bats for ‘Sena CM’China’s participation in the mega event is being seen as a bid by Beijing to boost military cooperation with India, after bilateral ties were hit post the Doklam standoff. “Teams from various countries have arrived for the International Army Games’ events here. The Army Scout Masters Competition will be conducted from August 6 to 14. These games have been a platform for participating nations to interact and promote bonhomie,” a senior official said. Also Read – Farooq demands unconditional release of all detainees in J&KJaisalmer military station is hosting the Army Scout Masters Competition. “The competition is a gruesome test of the essential military skills of a soldier, ranging from navigation, team work, physical endurance, map reading, tactical planning and much more,” he said. Besides the Indian army team, seven countries, including China, Russia, Armenia, Kazakhstan and Uzbekistan, are participating in the event. “For the past four days, the participating teams have been given extensive and detailed demonstrations and lectures on various stages of the competition and briefed in detail, especially about the regulations and the process of judgement,” the official said. For the next few days, the teams will undertake demonstrations and individual practices to familiarise themselves about the stages, and then they will be given time to carry out training with their respective teams, he said. “The visiting friendly countries have expressed their pleasure and gratitude on the high standards of the infrastructure and the arrangements that have been created for conduct of this unique event, which in itself is a historic event being organised for the first time in India. “This competition will be a true test of team spirit, grit, determination and professional skill of the teams,” the official said. The International Army Games, organised by the Ministry of Defense of the Russian Federation, have been taking place since 2015 and sees participation of close to 32 countries. A curtain-raiser of the Army International Scout Masters Competition was held at the Manekshaw Centre here on July which was attended by Army chief Gen Bipin Rawat and several other senior Army officers.last_img read more

Michelle Obama Rev Up Your BackToSchool Routine

first_imgiVillage, one of the largest online communities for women, has announced that First Lady Michelle Obama will be its first-ever Guest Editor for the week of August 20, as part of a new Guest Editor series launching across its site.This marks the first time Mrs. Obama will participate as a guest editor with any media outlet. The First Lady’s editorial theme – “Rev Up Your Back-to-School Routine” – offers millions of women in the iVillage community fun, simple tips and advice to help ease the transition from beach bags to backpacks. In conjunction with her Guest Editor role, the First Lady will participate in an exclusive video interview on the same theme with iVillage’s Chief Correspondent, Kelly Wallace, to run as a multi-part video series on iVillage throughout the week of August 20.“Women get so much strength and inspiration from each other and I was thrilled to have the chance to work with iVillage and its energized, engaged audience of millions of women,” said First Lady Michelle Obama. “As children across the country get ready to go back to school, this is an exciting — and sometimes overwhelming — time for American families. As Guest Editor, I hope to start a community dialogue on this topic so we can all share tips and advice to get our kids off to a great start in this new school year and help our families be healthier.”The First Lady will work closely with iVillage editors and contribute “Rev Up The Back-To-School Routine” content across iVillage’s Food, Parenting, and Health channels. For the past few months, the First Lady has been collaborating with the iVillage team to create and curate compelling articles and visuals around the back-to-school theme, some of which draw from her “Let’s Move” initiative, which strives to raise a healthier generation of kids. This subject will not only resonate with the 98% of iVillage’s audience who say they are involved in their children’s education, but will also address some of the issues that have populated iVillage’s social forums, including what to pack for lunch, how to find balance throughout the busy school year, and how to maintain healthy dinners as a family during a hectic school schedule.Each day throughout the week, a new subject – such as getting your family energized and moving, embracing a new healthy habit, and recharging your most important relationships – will be showcased. The First Lady’s articles will also include exclusive personal anecdotes and never-before-seen family photos that will provide a close look at her own back-to-school transition.“We are honored that Mrs. Obama chose to be our first Guest Editor as we launch our exciting, new program. This role provides a fresh avenue to talk with American women who, like her, are juggling a multitude of responsibilities,” said Jodi Kahn, President of iVillage. “Our research shows that a mere 11% of women have life ‘figured out,’ and we plan to continue featuring notable Guest Editors who will offer the iVillage community useable, easy solutions.”The First Lady’s Guest Editor participation will also be supported by extensive social media efforts in the iVillage community, including a custom Twitter initiative called #swaponething, where users share their tips about a healthy choice they make in lieu of a less desirable one, and inclusion in iVillage’s newsletter, distributed to five million subscribers.Mrs. Obama’s “Let’s Move” will also serve as the basis for an iVillage Community Challenge, one of the site’s signature franchises which rally hundreds of thousands of women around a common, but personal, goal. The six-week long “Get Moving Now” Community Challenge will focus on achieving a healthy lifestyle. Coaches, including the First Family’s personal trainer, Cornell McClellan, will guide participants through enough activity to earn their Presidential Active Lifestyle Award (PALA.) Sign up is open and the challenge runs from September 17-October 26.Future iVillage Guest Editors — including prominent figures representing a broad cross section of experience, opinion and background — will be announced in the coming weeks.Source:PR Newswirelast_img read more

Whats a mind without a body New research adds physiology to computer

Explore further Provided by Pennsylvania State University Though computers are becoming better programmed to process information like our brains do, the power of the human mind is unmatched. But what’s the mind without a body? Credit: iStock Though computers are becoming better programmed to process information like our brains do, the power of the human mind is unmatched. But what’s the mind without a body? This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only. Citation: What’s a mind without a body? New research adds physiology to computer models (2018, January 16) retrieved 18 July 2019 from https://phys.org/news/2018-01-mind-body-physiology.html A new research study being conducted by Frank Ritter, professor in Penn State’s College of Information Sciences and Technology (IST), asserts that without a physiological complement, “[A computer program modeling the mind] would just be a brain in a vat.”Ritter’s reasoning for exploring this approach is that a body’s natural needs, state and inclinations inherently influence whatever the mind does.He explained, “All the aspects of a human body—nausea, hunger, emotion—they all support and drive cognition and influence it.”For example, while driving, the brain makes all the decisions about what speed to reach, where to turn. But what if the person driving had been awake for more than 24 hours? The fatigue on their body inevitably influences the ability to drive. Now, thanks to a sub-contract, Ritter and Christopher Dancy, an assistant professor of computer science at Bucknell University and former Penn State IST doctoral student, are exploring that notion by programming a sense of bodily processes within a computer simulation.The researchers are focusing the majority of their efforts on how the mind responds to physical fatigue. Specifically, they are exploring this topic through the framework of ACT-R/Phi, which combines a theory developed by Carnegie Mellon of how the human brain works (ACT-R) with a theory developed at the University of Mississippi of how the body works (HuMod). Built off the results of numerous psychology experiments, the combined ACT-R/Phi program allows researchers to determine how a human would react in different situations.By adding the concept of a body to ACT-R/Phi, Dancy said, “We get a fuller picture of how our normal physiological functions modulate our actions and decisions.”The research is sponsored by the U.S. Army SBIR Program Office through a larger effort with Charles River Analytics. The researchers are focused on the application of ACT-R/Phi to predict, based on the factors the program can measure, how much weight a certain soldier could carry. Using their model, the researchers will apply the concept of fatigue in a more mannered and accurate way.”[This] work will move towards giving a realistic picture of how we might predict a soldier would perform on certain tasks,” Dancy said.The researchers are hopeful their investigation can add a valuable perspective to the fields of robotics and psychology. “Understanding how we transform and transfer information in our mind to make decisions is one part of study of IST in this digital age,” Dancy concluded. Study finds driving speed affected when a driver’s mind ‘wanders’ read more