DEBT (Tables)

3 Months Ended

Mar. 31, 2026

Long-term debt, net consists of the following:


	March 31, 2026		December 31, 2025

	(In thousands)
10.500% First Lien Senior Secured Notes due 2030 (1, 3)	$	60,600	$	60,600
7.625% Second Lien Secured Notes due 2031 (1, 3)	258,572		291,020
7.375% Senior Secured Notes due February 2028 (2)	7,516		11,816
Total principal outstanding on long-term debt	326,688		363,436
Less: Unamortized debt issuance costs	(2,634)		(2,868)
Add: Premium (3)	88,056		69,174
Long-term debt, net	$	412,110	$	429,742

(1) The 2030 First Lien Notes and 2031 Second Lien Notes pay interest semiannually on April 1 and October 1 of each year in arrears.

(2) Subsequent to the effectiveness of the supplemental indenture on December 18, 2025, these notes are no longer secured. While these notes are styled as senior secured notes they are no longer secured by collateral. The 2028 Notes pay interest semiannually on February 1 and August 1 of each year in arrears.

(3) The 2030 First Lien Notes and 2031 Second Lien Notes are accounted for under Accounting Standards Codification No. 470-60, Troubled Debt Restructurings by Debtors.

Schedule of Future Scheduled Minimum Principal Payments

Future scheduled minimum principal payments of long-term debt as of March 31, 2026, are as follows:


	Long-term debt
	(In thousands)
Remainder of 2026	$	—
2027	—
2028	7,516
2029	—
2030	60,600
2031	258,572
Total debt	$	326,688

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details