US-based E&P company Goodrich Petroleum Corp. reached an agreement with lenders based on a prepackaged plan to file for Chapter 11 bankruptcy protection by 15 April 2016..
The prepackaged plan, which aimed to secure support from all lenders prior to filing for Chapter 11 bankruptcy, fell short of desired participation levels. As on 31 March 2016, the company received support from its unsecured lenders totaling 61% of the 95% needed to implement its debt-for-equity exchange offer.
The new plan of re-organization aims to give its second-lien lenders an equity stake in the re-organized company through its ongoing debt-for-equity exchange offer. The company has extended its offer to 8 April 2016.
Separately, Goodrich announced earlier in March 2016, that it would delay the filing of its annual report for 2015 citing a material loss that auditors had detected which would affect the company’s ability to operate as a going concern.