After nearly 17 months in bankruptcy protection, Tulsa-based Samson Resources Corp. has reached a deal with its lenders and plans to emerge from chapter 11 bankruptcy reorganization, the Oklahoman reported today. Samson's recovery plan was approved by 100 percent of first- and second-lien lenders and more than 99 percent of holders with unsecured claims against the company. "The plan of reorganization confirmed by the court today culminates a thoughtful and thorough restructuring process that dates back to late 2014," Samson CEO Andrew Kidd said. "It will enable us to significantly reduce our debt and create a capital structure that will pave the way for a successful future." Samson executives filed for bankruptcy protection in Sept. 16, becoming one of the first Oklahoma companies to file for bankruptcy during the recent oil and natural gas industry downturn. The company cited $4.2 billion in debt. Read more.
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