Goodrich Petroleum Corp. has hired bankruptcy attorneys to guide the company in the event that its current recapitalization plan is unsuccessful, according to the Houston Business Journal, citing Gil Goodrich, the company’s chairman and CEO, on a conference call with shareholders on March 9.
On Tuesday, the company, which was delisted from the New York Stock Exchange in January, said it will exercise its right to a 30-day grace period regarding interest payments due March 15 and April 1, amounting to $12.6 million, because the company will not make the deadline. Absent a successful completion of the company’s recapitalization plan, Goodrich Petroleum will have to file for protection through the bankruptcy courts.
On March 14, shareholders will vote on exchange offers that underpin Goodrich's recapitalization plan. In the event that the exchange offers are unsuccessful, the company has hired Lazard as a restructuring advisor, and Vinson & Elkins LLP as restructuring counsel.