Samson Settles With Creditors To End Ch. 11 Plan War
Law360, Wilmington (January 6, 2017, 7:54 PM EST) -- The major players in the Samson Resources Corp. bankruptcy said Friday they'd come to a deal that aims to end the fierce squabbling in the oil and gas company's Chapter 11 case to restructure some $4 billion in debt, and sets out to pay unsecured creditors at least $168.5 million.
In a notice filed with the Delaware bankruptcy court, Samson, its first- and second-lien secured creditors and the official committee of unsecured creditors said they are going to ask U.S. Bankruptcy Judge Christopher S. Sontchi to approve the global settlement, which contemplates a reorganization strategy retaining the second-lien lender debt-for-equity swap,...
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