By Ryan Boysen (September 12, 2019, 3:23 PM EDT) -- Oil and gas company Alta Mesa Resources Inc. has filed for bankruptcy roughly two years after it was created in a $3.8 billion private-equity-backed deal, as shareholders and the U.S. Securities and Exchange Commission continue to investigate its subsequent stock price plunge.
Alta Mesa filed for Chapter 11 on Wednesday, and in a declaration filed Thursday, the company's CFO, John C. Regan, said its woes were mainly caused by the drop in oil prices that has sent shock waves throughout the industry over the past few years and a corresponding tightening of its borrowing limits by creditors.
"The decline in commodity...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!