Goodrich Petroleum wins extension of cash collateral expiration date

By Caroline Salls

Pittsburgh, Aug. 12 – Goodrich Petroleum Corp.’s cash collateral use expiration date was extended under an order filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the expiration date was extended to the earlier of Oct. 15 and the effective date of Goodrich’s plan of reorganization.

As previously reported, 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.

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

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