Bankruptcy / Restructure Update | Financial Trouble | Capital Markets
GOM Focused Stone Energy, Files Chapter 11 Bankruptcy
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Gulf of Mexico focused Stone Energy is reporting that the company has filed chapter 11 bankruptcy. The pre-packaged plan calls for the following.
- Noteholders will receive their pro rata share of (a) $100 million of cash, (b) 96% 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 4% of the common stock in reorganized Stone and warrants for up to 10% of the post-petition equity exercisable upon the Company reaching certain benchmarks pursuant to the terms of the proposed new warrants.
Stone energy recently sold its appalachia assets to Tugg Hill.
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