TransCoastal Corp., one of the latest victims of falling oil and gas prices, on Monday won approval from a bankruptcy judge for its reorganization plan, Dow Jones Daily Bankruptcy Review reported today. The pre-packaged plan, for which the Texas oil and gas company secured creditors' support before filing for bankruptcy, calls on its senior lender to swap roughly $21 million in debt for new equity in the reorganized company. When TransCoastal filed for chapter 11 protection on Dec. 8, it sought to reduce its debt by about 85 percent. The restructuring plan also called for TransCoastal to access up to $4 million in new capital. Read more. (Subscription required.)
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