Capital Markets | Bankruptcy Exit | Private Equity Activity
Samson Resources Emerges From Bankruptcy; Ready To Resume Drilling
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Samson Resource Corporation annouced that the company have emerged from Chapter 11 bankruptcy. The company remaining assets were transfter to a new entity Samson Resources II LLC. The equity in the company was distributed to the SRC second lein lenders.
The company also appointed Joseph A. Mills as CEO of the company.
Capital structure and liquidity ($60 million )Samson II features a substantially improved financial position, having discharged approximately $4 billion of debt and nearly $300 million of annual interest expense under the Plan.
Samson II’s post-emergence debt financing consists of a first lien revolving credit facility with an initial borrowing base of $280 million, of which $245 million was outstanding on the effective date. With the completion of its restructuring…
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