People | Job Cuts / Downsize / Layoff | Financial Trouble | Capital Markets
Alta Mesa Edges Closer to Bankruptcy; Makes Further Workforce Cuts
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Financially toubled STACK E&P Alta Mesa Resources has further reduced its workforce just a week after tapping into what remained of its credit facility and receiving a delisting notice from the OTC Exchange, according to multiple reports.
The company already cut a chunk of its employees in Q1 2019 and 18 more workers were laid off this week, according to reports. Alta Mesa also cut down its spending across all aspects - the company's 2019 budget is ~73% less than its planned 2018 capital budget.
It is likely that Alta Mesa will file for bankruptcy in the near term, given the signs.
Alta Mesa's three top executives, CEO Hal Chappelle, Chief Operating Officer Michael Ellis and Chief Financial Officer Michael McCabe, resigned abruptly in December 2018 and the company also wrote down $3.1…
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