Goodrich looks to take bids for assets, equity and plan sponsorship

By Caroline Salls

Pittsburgh, June 24 – Goodrich Petroleum Corp. requested court approval to take bids for substantially all of its assets, substantially all of the equity of the reorganized company and a plan-funding capital contribution, according to a motion filed Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

The company said its assets will be offered in six lots, including a lot for substantially all of the assets, a lot for its Haynesville shale assets in northwest Louisiana, a lot for its Haynesville/Bossier shale Angelina River Trend assets in east Texas, a lot for its Tuscaloosa Marine shale assets in Southeast Louisiana and Mississippi, a lot for its Eagle Ford assets in south Texas and a lot for the assets not included in the other lots.

Under Goodrich’s proposed timeline, bids would be due by 5 p.m. ET on Sept. 30. Bids for any of the assets and the equity must include a 10% deposit. Plan sponsorship bids must include a commitment for at least $20 million of new capital in exchange for debt or equity securities junior to the company’s first-lien debt.

The company said it has the right to enter into one or more stalking horse bid agreements, and secured creditors would have the right to submit a credit bid.

An auction would be held on Oct. 7, if necessary.

A hearing is scheduled for June 29.

Goodrich, a Houston-based oil and gas exploration and production company, filed bankruptcy on April 15. The Chapter 11 case number is 16-31975.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.