Chapter 11 Bankruptcy Reorganization Plan Confirmed for Samson Resources

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Tulsa-based Samson Resources Corporation announced Monday that the U.S. Bankruptcy Court for the District of Delaware has confirmed its reorganization plan, according to a company press release.

Samson’s settlement plan was approved by voting creditors, including 100 percent of first lien and second lien lenders and holders of over 99 percent of unsecured claims.

The successful confirmation will allow Samson to emerge from Chapter 11 with a sustainable capital structure and be well positioned to compete in the oil and gas industry going forward.

“The plan of reorganization confirmed by the Court today culminates a thoughtful and thorough restructuring process that dates back to late 2014,” said Andrew Kidd, President, Chief Executive Officer, and General Counsel of Samson Resources. “It will enable us to significantly reduce our debt and create a capital structure that will pave the way for a successful future,” said Kidd.

During the course of the bankruptcy, Samson divested hundreds of oil and gas wells across 12 states from Texas to North Dakota, netting the business about $660 million from auction proceeds. In a separate cost-cutting effort, the company laid off nearly one-third of its workforce last month, leaving about 138 employees remaining in Tulsa.

“Our emergence from Chapter 11 will allow us to move past a challenging period for Samson and others in this industry and once again devote our full attention to running our business as our industry continues its recovery,” said Kidd. “We look forward to strengthening and further focusing on our operations as we move forward and thank all of our employees, customers, partners, restructuring advisors and financial stakeholders for supporting us throughout this process.”