Goodrich Petroleum Corp. said on Friday that it plans to file for bankruptcy protection in the coming weeks after reaching a deal on the terms of a debt-for-equity swap with its junior bondholders, the Wall Street Journal reported on Saturday. The Houston-based oil and gas company said it plans to file a pre-packaged bankruptcy plan by April 15 after striking a deal with its second-lien bondholders that calls for them to swap $175 million in debt for 100 percent of the reorganized Goodrich. Under the proposed restructuring agreement outlined in a regulatory filing, senior lenders would be paid in full or have their debt reinstated. The reorganized Goodrich, which drills for crude oil and natural gas in the Tuscaloosa Marine shale formation in Louisiana and Mississippi, would emerge from the anticipated bankruptcy as a going concern with its day-to-day operations substantially intact. Read more. (Subscription required.)
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