Alta Mesa Files For Bankruptcy Amid SEC Probe

Law360 (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...

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