EQM Midstream Partners layoffs, on the record
Every job cut, severance charge and restructuring EQM Midstream Partners reported in its annual reports, 2017 to 2019, quoted from the filings.
Job cuts, severance and restructuring
Our summaryThe filing notes that amounts in the Summary Compensation Table for certain executives represent severance obligations tied to their separation from EQM, with no amount or date given in this excerpt.
Word for word“The remaining amounts in this column represent severance obligations in connection with an executive’s separation from EQM.” 10-K for 2018
Our summaryEQM and Equitrans Midstream agreed with the Series A Preferred Unit holders to redeem $600 million of those units and exchange the rest for Equitrans Midstream Preferred Shares when the EQM Merger closes. This is a financial restructuring, not a workforce one.
Word for word“Preferred Restructuring Agreement On February 26, 2020, Equitrans Midstream and EQM entered into a Preferred Restructuring Agreement (the Restructuring Agreement) with all of the holders of Series A Preferred Units (collectively, the Investors), pursuant to which (i) EQM will redeem $ 600 million of the Investor’s Series A Preferred Units issued and outstanding immediately prior to the effective time of the Restructuring Agreement and (ii) the remaining portion of the Series A Preferred Units issued and outstanding immediately prior to the effective time of the Restructuring Agreement will be exchanged for Equitrans Midstream Preferred Shares on a one for one basis (the Equitrans Midstream Private Placement), in each case, in connection with the occurrence of the “Series A Change of Control” (as defined in the Partnership Agreement) that will occur upon the closing of the EQM Merger (the Restructuring).” 10-K for 2019
EQM Midstream Partners has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from EQM Midstream Partners’s annual reports (10-K for 2019, 10-K for 2018, 10-K for 2017) and the financial data it files with the SEC, as of 2020-02-27. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.