Goodrich elects not to make interest payments

Goodrich Petroleum Corp. (OTC Markets: GDPM) has elected to exercise its right to a grace period with respect to certain interest payments due March 15 and April 1.

The company is exercising the grace period on its $5.2 million interest payment due on its 8.875% senior notes due 2019, $4 million interest payment due on its 8.00% second lien senior secured notes due 2018, and $3 million interest payment due on its 8.875% second lien senior secured notes due 2018. These interest payments are due March 15.

Goodrich has also elected to exercise its right to a grace period with respect to a $0.2 million interest payment due on its 5.00% convertible senior notes due 2029, a $2.4 million interest payment due on its 5.00% convertible senior notes due 2032, and a $0.2 million interest payment due on its 5.00% convertible exchange senior notes due 2032. These interest payments are due on April 1.

Such grace periods permit the company 30 days to make the interest payments before an event of default occurs under the respective indentures governing the notes. 

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