Louisiana and Mississippi driller Goodrich files bankruptcy
JACKSON, Miss. (AP) – One of the oil companies most active in drilling wells in the Tuscaloosa Marine Shale formation in Mississippi and Louisiana has sought bankruptcy protection.
Houston-based Goodrich Petroleum filed for Chapter 11 bankruptcy Friday after securities owners rejected swapping their holdings for common stock to lower debt payments. The company cites $99 million in assets against $507 million in debts.
Law firm Haynes & Boone says 60 North American petroleum companies have sought bankruptcy since 2014.
Goodrich says it wants to shed $400 million in debt during restructuring, pre-negotiated with some creditors. Those creditors would get new stock, while the company would pay nothing to owners of $224 million in unsecured debt.
The company also has interests in the Haynesville Shale natural gas fields of northwest Louisiana and east Texas.
