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Thursday, October 27, 2016

Stone Energy Will File for Pre-Packaged Bankruptcy

From Offshore:
Stone Energy has announced steps toward filing for Chapter 11 bankruptcy protection by Dec. 9, according to a report in The Daily Advertiser in Lafayette. 
Spokeswoman Jennifer E. Mercer said that Stone, burdened with more than a billion in debt during a lingering downturn in energy prices, will sell its holdings in Appalachia for $350 million and has made agreements with senior bondholders, creditors and others to restructure its operations. 
“The company will continue to work,” Mercer said. “Stone is open for business and operating. People are showing up and working and getting paid; customers are being served. This will have no impact on day-to-day business.” 
Mercer said the company and other parties involved have developed a pre-packaged reorganization plan, which should help Stone navigate Chapter 11 proceedings and “come out on the other side,” perhaps as early as mid-2017. The agreement would relieve the company of some $850 million in debt and reduce its annual interest payments by $46 million.
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