Current gdpm Stock Info

On April 15, 2016, Goodrich Petroleum announced the company has filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The RSA and the bankruptcy proceeding will allow for the restructuring of the Company’s balance sheet, which will strengthen the company’s financial position by reducing long-term debt and enhancing financial flexibility.

Under the terms of the restructuring arrangement, Goodrich will work with investors who hold bonds that the company issued last year. $175 million of that debt will be forgiven in exchange for an ownership stake in the company. The deal is part of a larger bankruptcy-exit plan that would pay off or carry over $40 million of higher-ranking senior bank debt and wipe out $224 million in unsecured bonds.

The restructuring support agreement also provides for the Company’s executive management team to remain with the company, which will allow for the company’s operations to continue as normal throughout the court-supervised financial restructuring process.

Goodrich previously attempted to reduce the company’s debt level through exchange offers, with the latest effort unsuccessful due to the inability to get the necessary approvals from its common stockholders, preferred stockholders and unsecured noteholders.


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