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Stone Energy to File Chapter 11 Bankruptcy; Eliminate $850 Million Debt
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Stone Energy reported today that it has a put forward a restructuring agreemnt that will allow the company to file Chapter 11 bankruptcy on or before December 9, 2016.
This agreement will allow Stone to elimate $850 million in outstanding debt.
The company also entered in a deal to sell its Appalachia asset to Tugg Hill.
Restructuring Agreement Details:
- The Noteholders will receive their pro rata share of (a) $150 million of the net cash proceeds from the sale of Stone's approximately 86,000 net acres in the Appalachia regions of Pennsylvania and West Virginia plus 85% of the net cash proceeds from the sale of the Properties in excess of $350 million, if any, (b) 95% of the common stock in reorganized Stone and (c) $225 million of new 7.5% second lien notes due 2022.
- Existing common stockholders of Stone will receive their pro rata share of 5% of the common stock in reorganized Stone and warrants for up to 15% of the post-petition equity exercisable upon the Company reaching certain benchmarks pursuant to the terms of the proposed new warrants.
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