Goodrich Petroleum Corp. is expected to file for Chapter 11 by April 15 after reaching an agreement with its creditors that gives second-lien lenders an equity stake in the newly reorganized company, according to various media outlets.
Goodrich’s recent debt-for-equity exchange offer failed to gain support among debtholders, and the company was delisted from the New York Stock Exchange in January. Goodrich exercised its right to a 30-day grace period with regard to interest payments due March 15 and April 1 amounting to $12.6 million. It also failed to release its annual report on March 16, citing a large loss that auditors determined might affect the company’s ability to operate as a going concern. The loss was "mainly as a result of substantial impaired asset writedowns," the filing stated.
Last month, Goodrich confirmed that it had hired bankruptcy attorneys to advise the company in the event that its recapitalization efforts were unsuccessful.