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KKR-Led Samson to Seek Bankruptcy Protection
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Samson Resources Company is seeking bankruptcy protection as it prepares to default on its debt repayment, according to multiple reports.
KKR initially purchased the company for $7.2 billion in November of 2011.
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The company also stated that it plans to cut its workforce by 30 percent, which equates to ~300 jobs. Samson currently employs approximately 1,000 people.
Despite cutting its 2015 spending plans and selling off non-core assets, Samson still carries ~$4.2 billion in debt (as of February).
The company has operations in the East Texas, Mid-Continent and Rockies regions. Targets include the Williston and Powder River basins, the Granite Wash, Haynesville, Cotton Valley and Bossier plays.
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