Low Gas Prices Drive GMX Resources To Bankruptcy

Law360, New York (April 1, 2013, 12:11 PM EDT) -- Low commodity prices pushed GMX Resources Inc. into Chapter 11 in Oklahoma on Monday as the oil and gas producer said some of its senior lenders would give it $50 million in bankruptcy financing and then take over the company.

GMX Resources said it had made strides in the past year to increase its production, streamline its operations and reduce costs across its holdings in Texas, North Dakota, Wyoming and other states, but that those efforts weren't enough to overcome low prices for natural gas....
To view the full article, register now.