Tulsa-based Samson Resources Corp. and the creditors committee in the company’s Chapter 11 bankruptcy action have agreed to terms under the reorganization plan, according to a report in the Tulsa World.
Samson filed for bankruptcy protection in Delaware during September of 2015. At the time, the company’s liabilities were $4 billion.
Under the agreed plan, first lien lenders will receive a complete recovery in cash and new secured debt. Unsecured claimholders will become trust beneficiaries of a cash settlement payment of $168.5 million and all estate claims of causes and action not otherwise released by the plan. Second lien lenders will receive substantially all the equity in the reorganized company, according to the Tulsa World.
A hearing is scheduled for Wednesday morning as the settling parties seek approval of the plan’s disclosure statement. The parties are aiming for plan confirmation by mid-February.