Arsenal Resources Plans Quick Ch. 11 Reorganization
Law360 (November 8, 2019, 11:02 AM EST) -- West Virginia natural gas driller Arsenal Resources Development LLC hit Chapter 11 early Friday in Delaware with a plan to quickly execute a debt-for-equity swap with secured lenders that will wipe at least $360 million of secured debt off its books.
Natural gas drillers continue to face a prolonged downturn in natural gas prices, with Arsenal Resources Development the latest driller to file for bankruptcy. (Getty) In a first-day declaration from Chief Financial Officer Allen Goetz, the company said depressed natural gas prices and onerous obligations under agreements with pipeline operators severely strained Arsenal’s liquidity following its parent’s February bankruptcy recapitalization,...
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