New Gulf Resources has filed for Chapter 11 bankruptcy protection, the Tulsa-based oil and natural gas company said on Thursday, the Oklahoman reported on Saturday. New Gulf filed a pre-arranged reorganization plan, including a restructuring support agreement with creditors representing more than 72 percent of the company’s second-lien notes and 22 percent of its subordinated notes. The creditors agreed to provide at least $125 million in new funding to help the company reorganize.
