Samson Resources Corp. has signed a revised restructuring pact with a group of creditors that calls for the oil-and-gas company to exit bankruptcy with its top-ranking loan paid off and equity in the hands of second-lien lenders, the Wall Street Journal reported today. Tulsa, Okla.-based Samson is battling junior creditors in bankruptcy court and must either defeat them or win them over in order to make the restructuring proposal a reality. The agreement signed on Friday pledges investors holding 39 percent of Samson’s second-lien loan claims to support a new chapter 11 plan that should be filed within days. When it filed for bankruptcy protection in September 2015, Samson was weighted down with about $4.9 billion worth of debt. It had a deal in hand, but falling energy prices continued to chop into the value of Samson’s assets and the pact fell apart. Read more. (Subscription required.)
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