Goodrich Petroleum seeks extension of cash collateral expiration date

By Caroline Salls

Pittsburgh, July 27 – Goodrich Petroleum Corp. asked the U.S. Bankruptcy Court for the Southern District of Texas to extend the expiration date of its cash collateral order, according to a motion filed Wednesday.

Goodrich said it will present the proposed extension dates at the hearing. The cash collateral order currently expires on Aug. 5.

According to the motion, the company’s first-lien agent has consented to an extension of the expiration date to Aug. 12. As a result, Goodrich said it will present an order at the Aug. 4 hearing to extend the expiration date to Aug. 12 and will request a hearing be scheduled for Aug. 12 to consider further extensions.

The company said access to cash collateral is necessary for it to proceed through Chapter 11 and to complete a plan of reorganization that is based on a previously announced commitment letter and term sheet from a group of investors.

A hearing is scheduled for Aug. 4.

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.