Samson Resources Corp. has given junior creditors until Friday to stand down from a bankruptcy court confrontation over the oil-and-gas company’s future, warning that the $168.5 million junior creditors are being offered will decline if the creditors press ahead with a rival chapter 11 exit plan, the Wall Street Journal reported today. Talks that took place in the waning days of 2016 brought the Oklahoma company and the official committee representing Samson’s unsecured creditors close to a deal that would allow the company to exit bankruptcy peacefully, ending a contentious chapter 11 proceeding. Instead of an all-out liquidation of the company, Samson’s creditors committee agreed to take the cash and allow Samson to reorganize. However, Samson and the committee are still at odds over provisions that could trigger a forced sale of remaining assets, Samson’s lawyers said in court papers. Read more. (Subscription required.)
Get a better understanding of what happens when an oil, gas or other natural resources company goes bankrupt. Order your copy of ABI's revised and expanded When Gushers Go Dry: The Essentials of Oil & Gas Bankruptcy, Second Edition.
The featured keynote at ABI's 2017 Annual Spring Meeting will be Spencer Abraham, former U.S. Senator and former U.S. Secretary of Energy. Click here to register!
