Subsequent Events |
9 Months Ended |
|---|---|
Sep. 30, 2016 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | 9. Subsequent Events On November 2, 2016, we entered into an exchange agreement (the “Exchange Agreement”) with the largest holder of our Senior Notes to exchange $130,552,000 principal amount of our Senior Notes for 39,165,600 newly issued shares of common stock, par value $0.01 per share (the “Exchange”). Accrued, unpaid interest on the Senior Notes held by the exchanging noteholder will be paid by the Company in cash at the closing of the Exchange. The Exchange is conditioned on stockholder approval. If the Exchange is approved by stockholders and closes, a second supplemental indenture will become effective, which will remove certain covenants and events of default from the Indenture governing our Senior Notes, and eliminate certain restrictive covenants discussed in Note 3. We also have agreed, subject to stockholder approval of an increase in the number of authorized shares of our common stock, to offer to exchange our remaining $99,768,000 principal amount of outstanding Senior Notes into shares of our common stock on similar economic terms to the holders of the remaining Senior Notes (the “Follow-On Exchange”). The Exchange, if approved and closed, and the Follow-On Exchange, if approved and closed, are expected to reduce our interest expense and our outstanding long-term debt. Additionally, utilization of our federal net operating loss carryforwards likely will be limited as a result of the Exchange and the Follow-On Exchange. We are unable to quantify an estimate of the possible limitation of the utilization of our federal net operating loss carryforwards. |