LINN Energy LLC (NASDAQ: LINE) has filed a Form 12b-25 Notification of Late Filing with the US Securities and Exchange Commission with regard to its annual report on Form 10-K for the year ended Dec. 31, 2015, in order to allow additional time to complete its financial statements and related disclosures.
LINN has initiated a process to explore strategic alternatives to strengthen its balance sheet and maximize the value of the company. LINN says it has adequate resources to continue the efficient operations of its assets and intends to continue making payments in full under normal terms to all of its vendors, suppliers and partners. LINN has more than $1 billion in cash and cash equivalents, which among other things, will be used for general corporate purposes.
The company’s board of directors and management are in the process of evaluating strategic alternatives to help provide LINN with financial stability, but no assurance can be given as to the outcome or timing of this process.