Bankruptcy / Restructure Update | Financial Trouble | Capital Markets
Goodrich Petroleum Files For Chapter 11 Bankruptcy
Goodrich Petroleum Corporation announced that it and its subsidiary has filed for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division, in order to implement the terms of that certain Restructuring Support Agreement (the "RSA") previously announced.
The RSA and the bankruptcy proceeding will allow for the restructuring of the Company's balance sheet, which will strengthen the Company's financial position by reducing long-term debt and enhancing financial flexibility.
Through the Chapter 11 restructuring, the Company will eliminate approximately $400 million in debt from its balance sheet, substantially deleverage its capital structure and strategically position the Company for long-term performance in an anticipated improving commodity price environment. The RSA eliminates all of the Company's prepetition funded indebtedness other than its first lien reserve based loan facility, which currently has approximately $40 million outstanding, resulting in a significantly deleveraged balance sheet upon the Company's emergence from the Chapter 11 bankruptcy process.
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