Goodrich Petroleum Corp., one of the first mid-sized drillers to file for bankruptcy this year, has successfully completed its chapter 11 reorganization plan and has formally emerged from bankruptcy, FuelFix.com reported yesterday. The Houston-based drilling company was able to negotiate with its creditors to reduce its debts and costs and retain its assets. The company gets $40 million in new capital through second lien notes due in 2019. Half of that money will pay down outstanding debt and the other half will be used to fund the company’s drilling program in the Haynesville Shale, according to a company statement. Read more.
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