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CorEnergy Infrastructure Trust, Inc. - CORRL STOCK NEWS

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. (CORRL) is an asset manager specializing in financing the acquisition or development of real property infrastructure assets. The company provides capital to operating partners through infrastructure REIT financing, focusing on critical assets contained in infrastructure right-of-ways known as 'corridors.' CorEnergy's objective is to provide stockholders with attractive risk-adjusted total return, prioritizing distributions and distribution growth.

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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.

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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.

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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.

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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.

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CorEnergy Infrastructure Trust, Inc. announces a comprehensive financial restructuring plan to reduce debt and restructure its balance sheet. The company has reached an agreement with noteholders to file for chapter 11 bankruptcy, aiming to emerge as a real estate investment trust in the second quarter of 2024.
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CorEnergy Infrastructure Trust, Inc. announced the sale of its MoGas and Omega pipeline systems to Spire Midstream for $175 million. The transaction resulted in net proceeds of approximately $165 million after taxes and transaction-related costs. The sale allows CorEnergy to significantly de-lever its balance sheet, but the company is currently out of compliance with the NYSE minimum share price requirement and at risk of delisting. The company is evaluating its strategic alternatives regarding its current capital structure.
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Spire Inc. (SR) has completed the acquisition of MoGas Pipeline and Omega Pipeline from CorEnergy Infrastructure Trust, Inc. for $175 million. The acquisition will enhance Spire's midstream infrastructure, including Spire Storage and Spire STL Pipeline. Spire MoGas Pipeline LLC will operate under the new legal name after the acquisition. The acquisition will further enhance Spire's ability to serve customers in Missouri, including utility, municipal, industrial, and commercial customers.
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CorEnergy Infrastructure Trust, Inc. (OTC: CORR, CORRL) received notice of delisting from the NYSE due to falling below the listing standard. The common and preferred stock are now trading on the OTC marketplace. The company intends to appeal the delisting determination and is engaged in strategic efforts to improve its business operations and balance sheet, including the pending sale of MoGas System to Spire Inc. for approximately $175 million.
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FAQ

What does CorEnergy Infrastructure Trust, Inc. focus on?

CorEnergy specializes in financing the acquisition or development of real property infrastructure assets.

How does CorEnergy provide capital to operating partners?

CorEnergy provides capital through infrastructure REIT financing.

What is the strategy of CorEnergy Infrastructure Trust, Inc.?

The strategy is based on critical assets in infrastructure right-of-ways known as 'corridors.'

What is the objective of CorEnergy?

The objective is to provide stockholders with attractive risk-adjusted total return, emphasizing distributions and distribution growth.

CorEnergy Infrastructure Trust, Inc.

OTC:CORRL

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CORRL Stock Data

14.53M
1.26%
REIT - Specialty
Real Estate
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United States
Kansas City