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FGPR FERRELLGAS PARTNERS L P

Bankruptcy 2021-01-11
Peak Score
109.3
top 24% of tracked companies
control ceiling: 51.5 · methodology ↗
score IQR: 6.3–59.8
last flagged: 2020-10-15
latest filing: 2020-10-15
z-score vs own history: 2.2σ
latest score percentile: 97.0th

Phrase Escalation Score Over Time

Overlays:
Score (left axis)

Filing Pair Breakdown

Annual (10-K) and quarterly (10-Q) pairs combined · click any row to expand signals.

10-K 2019-10 → 2020-10 Pre-event
RF: 17744→21644w (+22.0%)
109.3
Most Anomalous Sentences semantic score: 5.133
"We may seek additional capital as part of our debt reduction strategy."
distress relevance: 0.72 market specificity: 1.00 score: 0.723 mda
anchor: we may need to raise additional capital to fund operations
"Given the limitations of these covenants, we continue to pursue a strategy to reduce our debt and interest expense."
distress relevance: 0.68 market specificity: 1.00 score: 0.677 mda
anchor: our debt covenants restrict our ability to operate
"Distributable cash flow excess increased to $62.4 million in fiscal 2020 as compared to $12.4 million in fiscal 2019, primarily due to a $35.5 million increase in our Adjusted EBITDA, a $23.5 million decrease in our maintenance capital expenditures and a $9.7 million decrease in distributions to common unitholders, partially offset by a $17.5 million increase in cash interest expense, each as disc"
distress relevance: 0.63 market specificity: 1.00 score: 0.630 mda
anchor: we are experiencing significant cash outflows
"“Management’s Discussion and Analysis of Financial Condition and Results of Operations – Financial Covenants” above, the indenture governing the outstanding notes of Ferrellgas Partners and the agreements governing the operating partnership’s indebtedness contain various covenants that limit our ability to, among other things, incur additional indebtedness and make distribution payments to our com"
distress relevance: 0.63 market specificity: 1.00 score: 0.629 mda
anchor: we may be in breach of our financial covenants
"Thus, cash reserves, which we utilize to meet future anticipated expenditures, increased by $63.5 million during fiscal 2020 compared to an increase of $12.3 million during fiscal 2019 due to a $41.1 million increase in distributable cash flow attributable to equity investors and a $10.1 million decrease in cash distributions paid to equity investors."
distress relevance: 0.63 market specificity: 1.00 score: 0.628 mda
anchor: our cash reserves may be insufficient to fund operations
10-K 2018-09 → 2019-10 Pre-event
RF: 16561→17744w (7.1%)
104.0
Most Anomalous Sentences semantic score: 4.5
"We may seek additional capital as part of our debt reduction strategy."
distress relevance: 0.72 market specificity: 1.00 score: 0.723 mda
anchor: we may need to raise additional capital to fund operations
"Given the limitations of these covenants, we continue to pursue a strategy to reduce our debt and interest expense."
distress relevance: 0.68 market specificity: 1.00 score: 0.677 mda
anchor: our debt covenants restrict our ability to operate
"Management’s Discussion and Analysis of Financial Condition and Results of Operations under the subheading “Financial Covenants” above, the indenture governing the outstanding notes of Ferrellgas Partners and the agreements governing the operating partnership’s indebtedness contain various covenants that limit our ability to, among other things, incur additional indebtedness and make distribution "
distress relevance: 0.64 market specificity: 1.00 score: 0.641 mda
anchor: we may be in breach of our financial covenants
"Cash reserves, which we utilize to meet future anticipated expenditures, increased by $12.3 million during the twelve months ended July 31, 2019 compared to an increase of $22.9 million in the twelve months ended July 31, 2018."
distress relevance: 0.64 market specificity: 1.00 score: 0.636 mda
anchor: our cash reserves may be insufficient to fund operations
"Distributable cash flow excess decreased to $12.4 million in the current period from $22.8 million in the prior period, primarily due to a $19.2 million increase in our maintenance capital expenditures, a $10.1 million decrease in our Adjusted EBITDA related to midstream operations in fiscal 2018 and a $3.9 million increase in cash interest expense, partially offset by a $29.1 million decrease in "
distress relevance: 0.63 market specificity: 1.00 score: 0.627 mda
anchor: we are experiencing significant cash outflows
10-K 2017-09 → 2018-09 Pre-event
RF: 18717→16561w (-11.5%)
20.4
Most Anomalous Sentences semantic score: 4.8
"We may seek additional capital as part of our debt reduction strategy."
distress relevance: 0.72 market specificity: 1.00 score: 0.723 mda
anchor: we may need to raise additional capital to fund operations
"Cash reserves, which we utilize to meet future anticipated expenditures, increased by $22.9 million during the year ended compared to a decrease of $3.6 million in the year ended We believe that the liquidity available from our cash on hand, cash flow from operating activities, our secured credit facility, the accounts receivable securitization facility, combined with our other debt and interest e"
distress relevance: 0.68 market specificity: 1.00 score: 0.677 mda
anchor: our cash reserves may be insufficient to fund operations
"As a result of the impairment testing performed, we recorded asset impairment charges of $628.8 million related to the impairment of indefinite-lived intangible assets, definite-lived intangible assets, property, plant and equipment, and goodwill during the year ended July 31, 2016."
distress relevance: 0.67 market specificity: 1.00 score: 0.668 mda
anchor: material impairment charges on our investment portfolio
"For the year ended July 31, 2018 "Loss on asset sales and disposals" includes a loss of $36.8 million related to these sales."
distress relevance: 0.66 market specificity: 1.00 score: 0.655 mda
anchor: significant unrealized losses that would be realized if we sold securities
"For the year ended July 31, 2018 "Loss on asset sales and disposals" includes a loss of $120.2 million related to these sales."
distress relevance: 0.65 market specificity: 1.00 score: 0.651 mda
anchor: significant unrealized losses that would be realized if we sold securities
10-K 2016-09 → 2017-09 Pre-event
RF: 19766→18717w (-5.3%)
67.1
Most Anomalous Sentences semantic score: 5.233
"We may seek additional capital as part of our debt reduction strategy."
distress relevance: 0.72 market specificity: 1.00 score: 0.723 mda
anchor: we may need to raise additional capital to fund operations
"If the payment of our debt is accelerated, our assets may be insufficient to repay such debt in full and we may be unable to borrow sufficient funds to refinance debt, in which case the unitholders could experience a partial or total loss of their investment."
distress relevance: 0.70 market specificity: 1.00 score: 0.703 mda
anchor: we may be unable to refinance our existing debt
"Cash reserves, which we utilize to meet future anticipated expenditures, decreased by $3.6 million during the year ended compared to a decrease of $6.4 million in the year ended We believe that the liquidity available from our cash flow from operating activities, our secured credit facility, the accounts receivable securitization facility, combined with our other debt and interest expense reductio"
distress relevance: 0.68 market specificity: 1.00 score: 0.682 mda
anchor: our cash reserves may be insufficient to fund operations
"Current year results include asset impairment charges of $658.1 million related to the impairment of indefinite-lived intangible assets, definite-lived intangible assets, property, plant and equipment, and goodwill, as discussed above."
distress relevance: 0.68 market specificity: 1.00 score: 0.678 mda
anchor: material impairment charges on our investment portfolio
"Failure to maintain compliance with these and other covenants in our agreements or failure to renew or replace liquidity available under the secured credit facility could have a material effect on our liquidity and cash flows and could further restrict our ability to incur debt, pay interest on the notes or to make cash distributions to unitholders."
distress relevance: 0.67 market specificity: 1.00 score: 0.672 mda
anchor: we may be in breach of our financial covenants
10-K 2015-09 → 2016-09 Pre-event
RF: 19833→19766w (-0.3%)
2.0
Most Anomalous Sentences semantic score: 4.167
"Current year results include asset impairment charges of $628.8 million related to the impairment of indefinite-lived intangible assets, definite-lived intangible assets, property, plant and equipment, and goodwill, as discussed above."
distress relevance: 0.67 market specificity: 1.00 score: 0.673 mda
anchor: material impairment charges on our investment portfolio
"As a result of the impairment testing performed, we recorded asset impairment charges of $628.8 million related to the impairment of indefinite-lived intangible assets, definite-lived intangible assets, property, plant and equipment, and goodwill during the year ended July 31, 2016."
distress relevance: 0.67 market specificity: 1.00 score: 0.668 mda
anchor: material impairment charges on our investment portfolio
"As a result of the impairment testing performed, we recorded asset impairment charges of $628.8 million related to the impairment of indefinite-lived intangible assets, definite-lived intangible assets, property, plant and equipment, and goodwill during the year ended July 31, 2016."
distress relevance: 0.67 market specificity: 1.00 score: 0.668 mda
anchor: material impairment charges on our investment portfolio
"As a result of the impairment testing performed, we recorded asset impairment charges of $628.8 million related to the impairment of indefinite-lived intangible assets, definite-lived intangible assets, property, plant and equipment, and goodwill during the year ended July 31, 2016."
distress relevance: 0.67 market specificity: 1.00 score: 0.668 mda
anchor: material impairment charges on our investment portfolio
"Cash reserves, which we utilize to meet future anticipated expenditures, decreased by $27.1 million during the year ended compared to a decrease of $7.1 million in the year ended When taken together with our other debt reduction initiatives, amendments to our secured credit facility and our accounts receivable securitization facility, we believe that the liquidity available from our cash flow from"
distress relevance: 0.66 market specificity: 1.00 score: 0.658 mda
anchor: our cash reserves may be insufficient to fund operations
10-K 2014-09 → 2015-09 Pre-event
RF: 15558→19833w (+27.5%)
37.0
Most Anomalous Sentences semantic score: 4.567
"Decreases in interest rates increase the fair value of our fixed rate debt, while increases in interest rates subject us to the risk of increased interest expense related to our variable rate borrowings."
distress relevance: 0.68 market specificity: 1.00 score: 0.675 mda
anchor: rising interest rates have significantly reduced the fair value of our portfolio
"In addition, the trading price, if any, of our securities could decline as a result of any such impairment."
distress relevance: 0.63 market specificity: 1.00 score: 0.630 mda
anchor: significant unrealized losses that would be realized if we sold securities
"Cash reserves of $20.6 million and $27.8 million in fiscal 2015 and 2014, respectively, were established to meet future anticipated expenditures."
distress relevance: 0.62 market specificity: 1.00 score: 0.625 mda
anchor: our cash reserves may be insufficient to fund operations
"Our liquidity and capital resources may be affected by our ability to access the capital markets or by unforeseen demands on cash, or other events beyond our control."
distress relevance: 0.59 market specificity: 1.00 score: 0.591 mda
anchor: we may not have sufficient liquidity to meet our obligations
", we met all of our required quarterly financial tests and covenants."
distress relevance: 0.57 market specificity: 1.00 score: 0.573 mda
anchor: we may be in breach of our financial covenants
10-K 2013-09 → 2014-09 Pre-event
RF: 13593→15558w (14.5%)
42.9
Most Anomalous Sentences semantic score: 4.667
"Decreases in interest rates increase the fair value of our fixed rate debt, while increases in interest rates subject us to the risk of increased interest expense related to our variable rate borrowings."
distress relevance: 0.68 market specificity: 1.00 score: 0.675 mda
anchor: rising interest rates have significantly reduced the fair value of our portfolio
"In addition, the trading price, if any, of our securities could decline as a result of any such impairment."
distress relevance: 0.63 market specificity: 1.00 score: 0.630 mda
anchor: significant unrealized losses that would be realized if we sold securities
"The changes in cash reserves of $27.8 million and $21.6 million in fiscal 2014 and 2013, respectively, were established to meet future anticipated expenditures."
distress relevance: 0.60 market specificity: 1.00 score: 0.603 mda
anchor: our cash reserves may be insufficient to fund operations
"Our liquidity and capital resources may be affected by our ability to access the capital markets or by unforeseen demands on cash, or other events beyond our control."
distress relevance: 0.59 market specificity: 1.00 score: 0.591 mda
anchor: we may not have sufficient liquidity to meet our obligations
"This increase in net cash used in financing activities was primarily due to a $81.5 million net decrease in the short term portion of our secured credit facility and accounts receivable securitization facility borrowings, both of which are a result of improved cash flows from operating activities."
distress relevance: 0.58 market specificity: 1.00 score: 0.579 mda
anchor: we are experiencing significant cash outflows
10-K 2012-10 → 2013-09 Pre-event
RF: 13717→13593w (-0.9%)
0.0
Most Anomalous Sentences semantic score: 4.067
"If one or more of these or other events caused a significant use of available funding, we may consider alternatives to provide increased liquidity and capital funding."
distress relevance: 0.69 market specificity: 1.00 score: 0.688 mda
anchor: we may need to raise additional capital to fund operations
"Decreases in interest rates increase the fair value of our fixed rate debt, while increases in interest rates subject us to the risk of increased interest expense related to our variable rate borrowings."
distress relevance: 0.68 market specificity: 1.00 score: 0.675 mda
anchor: rising interest rates have significantly reduced the fair value of our portfolio
"In addition, the trading price, if any, of our securities could decline as a result of any such impairment."
distress relevance: 0.63 market specificity: 1.00 score: 0.630 mda
anchor: significant unrealized losses that would be realized if we sold securities
"Our liquidity and capital resources may be affected by our ability to access the capital markets or by unforeseen demands on cash, or other events beyond our control."
distress relevance: 0.59 market specificity: 1.00 score: 0.591 mda
anchor: we may not have sufficient liquidity to meet our obligations
"The combination of these positive factors has assisted us in improving our distributable cash flow."
distress relevance: 0.58 market specificity: 1.00 score: 0.579 mda
anchor: we are experiencing significant cash outflows
10-K 2011-09 → 2012-10 Pre-event
RF: 13725→13717w (-0.1%)
36.9
Most Anomalous Sentences semantic score: 4.533
"If one or more of these or other events caused a significant use of available funding, we may consider alternatives to provide increased liquidity and capital funding."
distress relevance: 0.69 market specificity: 1.00 score: 0.688 mda
anchor: we may need to raise additional capital to fund operations
"Decreases in interest rates increase the fair value of our fixed rate debt, while increases in interest rates subject us to the risk of increased interest expense related to our variable rate borrowings."
distress relevance: 0.68 market specificity: 1.00 score: 0.675 mda
anchor: rising interest rates have significantly reduced the fair value of our portfolio
"In addition, the trading price, if any, of our securities could decline as a result of any such impairment."
distress relevance: 0.63 market specificity: 1.00 score: 0.630 mda
anchor: significant unrealized losses that would be realized if we sold securities
"Until these projects are complete and weather patterns return to a more normal level, we anticipate an ongoing cash flow shortfall to our current distribution level."
distress relevance: 0.60 market specificity: 1.00 score: 0.599 mda
anchor: we are experiencing significant cash outflows
"Our liquidity and capital resources may be affected by our ability to access the capital markets or by unforeseen demands on cash, or other events beyond our control."
distress relevance: 0.59 market specificity: 1.00 score: 0.591 mda
anchor: we may not have sufficient liquidity to meet our obligations
10-K 2010-09 → 2011-09 Pre-event
RF: 6768→13725w (+102.8%)
59.8
Most Anomalous Sentences semantic score: 4.4
"If one or more of these or other events caused a significant use of available funding, we may consider alternatives to provide increased liquidity and capital funding."
distress relevance: 0.69 market specificity: 1.00 score: 0.688 mda
anchor: we may need to raise additional capital to fund operations
"Our liquidity may be affected by our ability to access the capital markets or by unforeseen demands on cash, or other events beyond our control."
distress relevance: 0.67 market specificity: 1.00 score: 0.668 mda
anchor: we may not have sufficient liquidity to meet our obligations
"In addition, the trading price, if any, of our securities could decline as a result of any such impairment."
distress relevance: 0.63 market specificity: 1.00 score: 0.630 mda
anchor: significant unrealized losses that would be realized if we sold securities
"The decrease in cash flow from operations is primarily due to a decrease in net earnings resulting from the loss on extinguishment of debt of $17.3 million on the early redemption of our series D and E senior notes which was somewhat offset by a $12.0 million increase in operating income."
distress relevance: 0.60 market specificity: 1.00 score: 0.605 mda
anchor: we are experiencing significant cash outflows
"This restriction places limitations on our ability to make restricted payments such as the payment of cash distributions to our unitholders."
distress relevance: 0.60 market specificity: 1.00 score: 0.604 mda
anchor: our debt covenants restrict our ability to operate
10-K 2009-09 → 2010-09 Pre-event
RF: 13703→6768w (-50.6%)
29.1
10-K 2008-09 → 2009-09 Pre-event
RF: 12876→13703w (6.4%)
50.1
Most Anomalous Sentences semantic score: 4.345
"Our liquidity may be affected by an inability to access the capital markets or by unforeseen demands on cash."
distress relevance: 0.69 market specificity: 1.00 score: 0.687 mda
anchor: we may not have sufficient liquidity to meet our obligations
"In addition, the trading price, if any, of our securities could decline as a result of any such impairment."
distress relevance: 0.63 market specificity: 1.00 score: 0.630 mda
anchor: significant unrealized losses that would be realized if we sold securities
"We believe this facility improves cash flows while serving as a source of liquidity for our operations."
distress relevance: 0.62 market specificity: 1.00 score: 0.618 mda
anchor: we are experiencing significant cash outflows
"This restriction places limitations on our ability to make restricted payments such as the payment of cash distributions to our unitholders."
distress relevance: 0.60 market specificity: 1.00 score: 0.604 mda
anchor: our debt covenants restrict our ability to operate
"This situation may arise due to circumstances beyond our control, such as a general market disruption."
distress relevance: 0.58 market specificity: 1.00 score: 0.576 mda
anchor: we may be in breach of our financial covenants
10-K 2007-09 → 2008-09 Pre-event
RF: 12839→12876w (0.3%)
0.0
10-K 2006-10 → 2007-09 Pre-event
RF: 12851→12839w (-0.1%)
14.3
10-K 2005-10 → 2006-10 Pre-event
RF: 13129→12851w (-2.1%)
1.5
10-K 2004-10 → 2005-10 Pre-event
RF: 14289→13129w (-8.1%)
32.9
Most Anomalous Sentences semantic score: 3.833
"This increase in cash provided by operating activities is primarily due to a $56.6 million dollar increase in cash inflows from the utilization of our accounts receivable securitization facility, which is somewhat offset by a $32.7 million increase in cash outflows used to fund working capital, primarily due to the timing of customer payments, increased propane wholesale prices and the timing of i"
distress relevance: 0.66 market specificity: 1.00 score: 0.658 mda
anchor: we are experiencing significant cash outflows
"This increase in cash provided by operating activities is primarily due to a $56.6 million dollar increase in cash inflows from the utilization of our accounts receivable securitization, which is somewhat offset by a $32.1 million increase in cash outflows used to fund working capital, primarily due to the timing of cash customer payments, increased wholesale prices and the timing of inventory Net"
distress relevance: 0.64 market specificity: 1.00 score: 0.638 mda
anchor: we are experiencing significant cash outflows
"In addition, the trading price, if any, of our securities could decline as a result of any such impairment."
distress relevance: 0.63 market specificity: 1.00 score: 0.630 mda
anchor: significant unrealized losses that would be realized if we sold securities
"We believe this facility improves cash flows while serving as a source of liquidity for our operations."
distress relevance: 0.62 market specificity: 1.00 score: 0.618 mda
anchor: we are experiencing significant cash outflows
"During fiscal 2005, we recognized net losses on sales from purchases, sales and commodity derivative transactions of $2.7 million."
distress relevance: 0.61 market specificity: 1.00 score: 0.614 mda
anchor: significant unrealized losses that would be realized if we sold securities
10-K 2003-10 → 2004-10 Pre-event
RF: 13255→14289w (7.8%)
30.1
Most Anomalous Sentences semantic score: 3.5
"In addition, the trading price, if any, of our securities could decline as a result of any such impairment."
distress relevance: 0.63 market specificity: 1.00 score: 0.630 mda
anchor: significant unrealized losses that would be realized if we sold securities
"To fund expansive capital projects and future acquisitions, we may obtain funds on our facilities, we may issue additional debt to the extent permitted under existing financing arrangements or we may issue additional equity securities, including, among others, common units."
distress relevance: 0.62 market specificity: 1.00 score: 0.624 mda
anchor: we may need to raise additional capital to fund operations
"We believe this facility improves cash flows while serving as a source of liquidity for our operations."
distress relevance: 0.62 market specificity: 1.00 score: 0.618 mda
anchor: we are experiencing significant cash outflows
"cash requirements include working capital requirements, debt service payments, the required quarterly senior unit distribution, the minimum quarterly common unit distribution, capital expenditures and acquisitions."
distress relevance: 0.61 market specificity: 1.00 score: 0.606 mda
anchor: maturity of debt obligations may require significant cash
"This restriction places limitations on our ability to make restricted payments such as the payment of cash distributions to unitholders."
distress relevance: 0.60 market specificity: 1.00 score: 0.604 mda
anchor: our debt covenants restrict our ability to operate
10-K 2002-10 → 2003-10 Pre-event
75.4
Most Anomalous Sentences semantic score: 3.811
"This could have a materially adverse effect on our operating capacity and cash flows and could restrict our ability to incur debt or to make cash distributions to our unitholders, even if sufficient funds were available."
distress relevance: 0.66 market specificity: 1.00 score: 0.661 mda
anchor: our cash reserves may be insufficient to fund operations
"In addition, the trading price, if any, of our securities could decline as a result of any such impairment."
distress relevance: 0.63 market specificity: 1.00 score: 0.630 mda
anchor: significant unrealized losses that would be realized if we sold securities
"This restriction places limitations on our ability to make restricted payments such as the payment of cash distributions to unitholders."
distress relevance: 0.60 market specificity: 1.00 score: 0.604 mda
anchor: our debt covenants restrict our ability to operate
"We intend to fund any remaining capital requirements from cash generated from future net cash provided by operating activities or funds available from our credit facility."
distress relevance: 0.59 market specificity: 1.00 score: 0.591 mda
anchor: our cash reserves may be insufficient to fund operations
"However, if we were to experience an unexpected significant increase in working capital requirements, our working capital needs could exceed our immediately available resources."
distress relevance: 0.58 market specificity: 1.00 score: 0.585 mda
anchor: we may need to raise additional capital to fund operations
10-K 2001-10 → 2002-10 Pre-event
6.3
Most Anomalous Sentences semantic score: 3.942
"Our credit facilities, public debt, private debt, accounts receivable securitization facility and operating tank leases contain several financial tests and covenants restricting our ability to pay distributions, incur debt and engage in certain other business transactions."
distress relevance: 0.69 market specificity: 1.00 score: 0.685 mda
anchor: our debt covenants restrict our ability to operate
"This could have a materially adverse effect on our operating capacity and cash flows and could restrict our ability to incur debt or to make cash distributions to our unitholders, even if sufficient funds were available."
distress relevance: 0.66 market specificity: 1.00 score: 0.661 mda
anchor: our cash reserves may be insufficient to fund operations
"However, if we were to experience an unexpected significant increase in working capital requirements, this need could exceed our immediately available resources."
distress relevance: 0.63 market specificity: 1.00 score: 0.634 mda
anchor: we may need to raise additional capital to fund operations
"This restriction places limitations on our ability to make restricted payments such as the payment of cash distributions to unitholders."
distress relevance: 0.60 market specificity: 1.00 score: 0.604 mda
anchor: our debt covenants restrict our ability to operate
"We will continue to review this Act and forthcoming regulations as they are published."
distress relevance: 0.59 market specificity: 1.00 score: 0.592 mda
anchor: we are subject to formal regulatory enforcement action

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