Finance & Investing | General News | Bankruptcy / Restructure Update | Capital Markets | Bankruptcy Exit
Goodrich Petroleum Exits Bankruptcy; Resumes Haynesville Drilling
Print
|
Goodrich Petroleum has emerged from bankruptcy.
In conjunction with its emergence from bankruptcy, the Company received $40.0 million in new capital through the issuance of Convertible Second Lien Senior Secured Notes due 2019.
$20 million of the new capital was used to pay down the Company's outstanding borrowings under its previous senior credit facility to $20 million, which is now the outstanding principal amount of the Company's new senior secured credit facility led by Wells Fargo Bank, National Association as administrative agent.
The Company also has $20 million in cash from the new capital to fund initial development of its Haynesville Shale drilling program.
The Board of Directors will be comprised of Walter G. Goodrich and Robert C. Turnham, Jr., who are existing directors of…
- ✓ Full news archive — U.S., Canada & international coverage
- ✓ A&D transactions — asset deals, corporate M&A, assets for sale
- ✓ Permits & completions data, plus 900,000+ slides & presentations
More Bankruptcy Exit News
Vista Proppants Emerges from Bankruptcy; Rebrands as V SandCo LLC
V SandCo LLC, formerly Vista Proppants and Logistics LLC and dba Vista Sand, has emerged from bankruptcy and rebranded under a new name. Steve Herron was named Executive…
Gulfport Energy Emerges from Bankruptcy
Gulfport Energy Corp. has successfully completed its restructuring process and emerged from bankruptcy. Gulfport has exited bankruptcy with a new Board of Directors; a strengthened balance sheet, with…
Report: Chesapeake Poised to Emerge from Bankruptcy
Chesapeake Energy Corp. is poised to emerge from bankruptcy after a lengthy trial period, according to a report by Reuters. Per the report, the company's bankruptcy plan was…
Lonestar Resources Emerges from Bankruptcy
Lonestar Resources US Inc. announced that effective November 30, 2020, it has successfully emerged from Chapter 11 bankruptcy. Lonestar has eliminated approximately $390 million in aggregate debt obligations…
FTS International Exits Bankruptcy
FTS International, Inc. has successfully completed its restructuring and has emerged from bankruptcy. FTS expects to have approximately $90 million cash on hand and has entered into a…
Ark-La-Tex - East Texas News
Diversified Energy Striking While the Iron is Hot in East Texas
Transaction Summary Diversified Energy has entered into a definitive purchase and sale agreement to acquire high-working interest, natural gas producing assets in East Texas from Sheridan Production for…
Mitsubishi to Buy Aethon for ~$5.2B, Taking Scaled Haynesville Gas Platform
Mitsubishi Corporation has agreed to acquire Aethon (Aethon III LLC, Aethon United LP and related entities) for a total equity investment of approximately $5.2 billion, delivering Mitsubishi a…
Comstock Resources To Increase Haynesville Drilling Activity in 2025
As part of it's Q4 results. Comstock provided us with it's 2025 forecast. 2025 Outlook Increased Rig Activity: Raising rig count from 5 to 7, focusing on Western…
Top Haynesville E&P Cuts 2023 Drilling Program By 22%
Comstock provided an updated 2023 development program. As we continue to see from numerous operators, capex either mostly unchanged while wells online / drilling is being reduced. We…
Riviera Resources to Exit Upstream Biz; Sell Assets
Anadarko Basin-focused Riviera Resources announced that it will be selling its remaining assets and exiting the upstream business, according to its Q2 report. Thus far in 2020, the…