Shares of Stone Energy Corp. lost half their value in premarket trade today after the oil and gas company announced a restructuring support agreement (RSA) with certain convertible noteholders as the company prepares for a bankruptcy filing, according to marketwatch.com. The RSA contemplates that the company will file for chapter 11 on or before Dec. 9, the company said yesterday. "The execution of the RSA is the culmination of months of hard work to right-size our balance sheet in response to a sustained period of low oil and natural gas commodity prices," said Chief Executive David Welch. Read more.
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