Financial Trouble | Capital Markets
Stone Energy Inches Closer To Bankruptcy
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In support of Stone's recent announcement of the retention of professionals to assist in analyzing and considering financial, transactional and strategic alternatives, the Independent Directors of Stone's Board of Directors recently named current board member David T. Lawrence as a Special Liaison of the Independent Directors to work together with the management of Stone to help with assessing strategic alternatives and restructuring alternatives for Stone.
Andrews Kurth LLP has been hired as special counsel to the Independent Directors
April 13, 2016On April 13, 2016, Stone was notified that the borrowing base under its bank credit agreement has been redetermined from $500 million to $300 million. Stone had outstanding borrowings of $457 million and letters of credit of $18.3…
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