Goodrich Petroleum emerges from bankruptcy
Thursday October 13, 2016
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.
Goodrich filed for bankruptcy in April, one of a string of companies bowing to the prolonged pressures of depressed oil prices. At the time, the company listed debts of $507 million and sought a protection plan to eliminate $400 million of that debt.
Goodrich, an independent oil and natural gas exploration and production company, is active in the Eagle Ford, Haynesville and Tuscaloosa shale plays in South Texas, Northeast Texas and Northwest Louisiana, and southwestern Mississippi, respectively.