Industry News
GMX Resources Files for Bankruptcy
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GMX Resources Inc. has filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Western District of Oklahoma.
In connection with this petition, GMXR is pursuing an asset purchase agreement with holders of its Senior Secured Notes due 2017 who own a majority of these secured notes (collectively referred to below as the "Principal Senior Secured Noteholders") to acquire substantially all of the Company’s operating assets and undeveloped acreage. The Company’s joint venture, Endeavor Gathering LLC, in which the Company owns a 60% membership interest, is not included in the filing.
Upon finalizing the contemplated asset purchase agreement with the Principal Senior Secured Noteholders, the sale will then be subject to a public auction and receipt of…
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