Goodrich Petroleum engages bankruptcy attorneys

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.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...