Welcome to our dedicated page for CorEnergy Infrastructure Trust news (Ticker: CORRL), a resource for investors and traders seeking the latest updates and insights on CorEnergy Infrastructure Trust stock.
CorEnergy Infrastructure Trust, Inc. (NYSE: CORRL) provides essential infrastructure financing solutions for critical energy and transportation corridors. This news hub delivers timely updates on the company's strategic initiatives, financial performance, and regulatory developments.
Investors and industry observers will find comprehensive coverage of earnings announcements, asset acquisitions, partnership agreements, and operational milestones. Our curated news collection enables efficient tracking of CORRL's unique position in infrastructure REIT financing and right-of-way asset management.
The page features verified press releases alongside third-party analysis covering key focus areas including pipeline financing agreements, utility sector investments, and distribution declarations. Content is organized to highlight material developments impacting CorEnergy's portfolio of critical infrastructure assets.
Bookmark this page for streamlined access to CORRL's latest financial disclosures and market communications. Regular updates ensure stakeholders maintain current awareness of this specialized REIT's activities in energy and transportation infrastructure sectors.
CorEnergy Infrastructure Trust (CORRL) has announced its 2024 dividend distribution, consisting of two components: a cash dividend of $0.52 per share and a stock dividend of 0.1142 shares per outstanding common share. The dividend will be paid on January 20, 2025, to shareholders of record as of December 31, 2024.
This dividend distribution is designed to meet REIT compliance requirements, which mandate the distribution of at least 90% of REIT taxable income to shareholders annually. Shareholders will receive the stock portion automatically, with shares being credited to their accounts after the payment date.
CorEnergy Infrastructure Trust has successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy as of June 12, 2024. The company now has significantly reduced debt and a simplified capital structure. This restructuring, along with the resolution of the San Pablo Bay rate case, is expected to help CorEnergy return to positive cash flow by 2025. The company aims to capitalize on energy transition opportunities and continue providing reliable services to the oil and gas industry in California. CorEnergy's prior common and preferred equity shares have been cancelled, and it plans to pursue an over-the-counter listing for its new shares. The board has been reconstituted with five new members appointed by the new equity holders.
CorEnergy announced it has successfully completed its financial restructuring and emerged from Chapter 11 protection, effective June 12, 2024. The company has significantly reduced its debt and simplified its capital structure, aligning better with current market conditions and future objectives. This restructuring, along with a resolution in its San Pablo Bay rate case, is expected to help CorEnergy return to positive cash flow by 2025 and offer more flexibility to explore energy transition opportunities. The prior common and preferred shares have been canceled, and no trading of these shares will occur post-effective date. CorEnergy plans to list new shares over-the-counter in the future, and the board now consists of five new members appointed by new equity holders.
CorEnergy Infrastructure Trust's Chapter 11 Plan of Reorganization has been confirmed by the U.S. Bankruptcy Court for the Western District of Missouri on May 24, 2024. The Plan received significant support from voting creditors and equity holders. The company expects to emerge from bankruptcy on June 12, 2024, with the reorganized common stock being owned by holders of its 5.875% Unsecured Convertible Senior Notes and existing preferred equity. CorEnergy aims to reduce overhead expenses and pursue an over-the-counter listing for its common stock. Key transactions include the sale of MoGas and Omega Pipelines, repayment of secured debt, and cancellation of existing common and preferred stocks, replaced with new common stock. The company will relocate its headquarters to Denver, Colorado, and has a new Board of Directors. The Crimson Pipeline operations continue unaffected, with further decisions awaited in late 2024.
