Finance - Restructuring
According to Petrie co-founder Andrew Rapp, the firms began planning collaboration this summer and started pitching companies for business early this fall. They currently have a few assignments, Reuters reported.
"Blackhill Partners' long history of serving energy companies in difficult situations allows us to provide the leadership required in this highly complex bankruptcy," said managing director Jeff Jones.
While the company has about $5 billion in liquidity, Noble wants to be cash flow neutral in 2016 and continue to ramp up in its new Texas shale acquisitions.
Samson has arranged a deal with some of its lenders to eliminate debt and provide new equity investment, though owner KKR will lose its stake in the company.
Samson engaged Blackstone Advisory Partners as its investment banker and Alvarez & Marsal North America as its restructuring adviser. Samson’s restructuring counsel is Kirkland & Ellis, Reuters said.
The companies’ assets have over time included areas on the U.S. Gulf Coast and in California, the Illinois Basin, Texas and Louisiana, according to ERG Resources LLC’s website.
Samson Resources Corp.’s lenders target restructuring deal for $4.15 billion debt. A $110 million interest payment on bonds is due Aug. 15, people with knowledge of private matter told Bloomberg.
Chairman and CEO Thomas F. Cooke said the company hopes the Chapter 11 filing will “avert adverse action by Harvest Operating” which holds a $3.7 million arbitration award against Saratoga.
The restructuring support agreement requires Houston-based Hercules to file for bankruptcy by July 8.
Cerberus Capital Management LP leads lenders seeking control of KKR & Co.-owned Samson Resources Co. in a restructuring, Bloomberg was told by two people with knowledge of private matter.
Connacher doesn’t have to immediately pay US$128 million loan. Small oil sands developers including Connacher fight for survival with crude trading at just over half its value from June.