The Stone Oak-area headquarters has been sold to a limited partnership affiliated with the CEO of the Pizza Patrón chain.
is chairman of Biglari Holdings Inc., the parent company of the Steak n Shake restaurant chain. He owns at least seven companies in various industries, including oil and gas, media and licensing, restaurants and property and casualty insurance.
Abraxas has been a shaky operator in recent years, struggling to reduce its debt and access cash to tap into its oil reserves. The company was booted from the Nasdaq stock exchange in 2021 after its share price failed to exceed $1 for several days.Last year, Abraxas sold its assets in the Williston Basin of North Dakota for $87 million, enabling it to pay off one lender.
It also converted debt held by New York-based lender Angelo Gordon Energy Funding to preferred shares, giving Angelo majority control of Abraxas' five-member board. Abraxas owed Angelo as much as $127 million in 2021, but the sale to Biglari allowed Angelo to cash out of the company’s stock. Biglari now holds 90 percent of the voting power in Abraxas.
Abraxas last month reported it swung to a profit in 2022 from a loss in 2021 as the company reduced expenses and other losses. It reported profit of $37.33 million, or $1.44 a share, an improvement from a loss of $44.57 million, or $5.30 a share, in 2021. Revenue declined to $49.74 million from $61.23 million during the same period.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Leela's in Uptown is a Cozy Pizza and Wine DenLeela's new restaurant in Uptown is a cozy, minimalist pizza and wine bar that we have a wee bit of a crush on.
Read more »
First Look: Geraci's Slice Shop, Opening Friday, May 19 DowntownThe '80s-themed pizza shop is built for lunch, dinner and late-night crowds
Read more »
Celebrate Bitcoin Pizza Day 2023 With Binance | Binance BlogEat pizza, win prizes, and meet the Binance team. Sound good to you? Read the blog below for all the details you need to know about our upcoming BinancePizza events, taking place across the world!
Read more »
Watch Ed Sheeran Perform a Trio of 'Subtract' Songs for Rolling Stone On DeckThere's nothing like edsheeran’s vocals and a guitar. ▶️ Watch the singer perform a trio of ‘Subtract’ songs for Rolling Stone On Deck.
Read more »
Cannes: Bleecker Street Takes Stone Age Horror Thriller ‘The Origin’ for North AmericaSet more than 45,000 years in the past, the movie tells the story of a gang of early humans who band together in search of a new land.
Read more »