Samson Resources Corp. is reviving talks with its unsecured bondholders on a restructuring plan that would enable it to stay out of bankruptcy court and preserve some value for shareholders, Bloomberg News reported yesterday. The negotiations are pitting the unsecured bondholders — led by Blackstone LP’s credit unit GSO Capital Partners LP, Oaktree Capital Group LP and Centerbridge Capital Partners — against a group of more senior creditors. Samson, a Tulsa, Oklahoma-based natural gas producer owned by KKR & Co., is running a dual-track negotiating process with the two creditor groups. The proposal by the unsecured bondholders calls for Samson to convert its debt into a combination of senior notes and equity. The new debt will be senior to the second-lien term loan, and the group also is considering investing fresh capital into the company.
