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Saddled With $500 Million Debt; Marcellus Operator Files Bankruptcy
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Warren Resources has filed Chapter 11 bankruptcy. The plan calls for 82% of the company to be handed over to Blackstone Group GSO Capital Partners with $234 million owed to the company.
Second-lien lenders owed about $74 million, lead by Claren Road Asset Management LLC would get the rest of the company.
The plan must be voted on by however creditors and approved by the judge.
Debt (as of 3/31/2016)Back in February the company warned that it would not make the approximately $7.5 million interest payment due February 1, 2016 on its unsecured notes, and instead anticipates utilizing the applicable 30-day grace period to initiate negotiations with note holders.
In its case : Warren Resources Inc., 16-32760, U.S. Bankruptcy Court, Southern District of Texas (Houston).
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