Goodrich Petroleum Files For Reorganization Under Chapter 11 - Quick Facts

(RTTNews) - Goodrich Petroleum Corp. (GDPM.PK) announced the company and its subsidiary has filed for reorganization under Chapter 11 of the Bankruptcy Code to implement the terms of the certain Restructuring Support Agreement, previously announced. Through the Chapter 11 restructuring, the company will eliminate approximately $400 million in debt from its balance sheet.

Goodrich Petroleum said, prior to the Chapter 11 filing, it attempted to restructure balance sheet through voluntary exchange offers, with the latest effort unsuccessful due to the inability to get the necessary approvals from its common stockholders, preferred stockholders and unsecured noteholders.