By Linda Chiem (June 9, 2015, 6:15 PM EDT) -- Cerberus Capital Management LP is leading lenders seeking control of Samson Resources Co., the Texas oil and gas producer owned by KKR & Co., in a restructuring that would provide little recovery for lower-ranking creditors including The Blackstone Group LP's credit arm, Bloomberg reported Tuesday. The Cerberus-led proposal is an alternative to a plan from unsecured bondholders who are looking to swap some of their securities for senior debt while receiving equity for the rest, Bloomberg said. Under the plan, Cerberus and other holders of a $1 billion second-lien term loan due in September 2018 will be able to convert their holdings to equity. And $200 million to $400 million of new capital could be raised through a rights offering, according to the report. The bondholder group led by Blackstone's GSO Capital Partners, which owns $2.25 billion of 9.75 percent senior unsecured notes due February 2020, would have the option to participate in that offering, but would receive little or no recovery on their securities, Bloomberg said. In recent weeks, reports emerged that Samson was weighing its options for cutting its $4.2 billion debt load either through a bankruptcy restructuring or by taking a rescue loan from a group of junior creditors....