Samson Resources Corp.'s reorganization plan was overwhelmingly approved by voting creditors, the Tulsa, Okla.-based company said Feb. 13.
In September 2016, Samson filed for Chapter 11 bankruptcy to reduce debt and create a capital structure that will pave the way for a "successful future," said Andrew Kidd, the company's president, CEO and general counsel.
"Our emergence from Chapter 11 will allow us to move past a challenging period for Samson and others in this industry and once again devote our full attention to running our business as our industry continues its recovery," Kidd said in a statement.
RELATED: Reeling Samson Resources, Once Worth $7 Billion, Files For Bankruptcy
Samson is a privately held E&P with operations primarily located in East Texas, Louisiana and Wyoming. The company operates, or has royalty or working interests in, about 531,000 net acres of oil and gas properties, according to its press release.
Samson is advised by PJT Partners Inc., Alvarez & Marsal North America LLC, Kirkland & Ellis LLP and Klehr Harrison Harvey Branzburg LLP.
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