Finance & Investing | Debt | Bankruptcy / Restructure Update | Financial Trouble | Capital Markets | Private Equity Activity
Samson Resources' Creditors Inject New Capital, Bankruptcy Planned
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Samson Resources Corporation has announced that it has entered into a Restructuring Support Agreement with certain second lien lenders that hold 45.5% of the second lien obligations and existing equity owners.
The proposed balance sheet restructuring would significantly reduce Samson Resources' overall indebtedness and result in an investment of at least $450 million of new capital into the business.
As a result of the RSA, Samson Resources will not make the interest payment due under its Senior Notes Indenture on August 17, 2015. Instead, the Company intends to use the 30-day grace period to build broader support for the restructuring and continue efforts to document and ultimately implement the reorganization transaction as part of a Chapter 11 filing.
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