Default Cycle Now In Full Swing As Goodrich Petroleum Is Latest Energy Company To File Chapter 11

since the start of 2015, about 50 oil and gas producers have gone bankrupt, owing more than $17 billion, according to law firm Haynes & Boone LLP. Goodrich joins shale-focused companies such as Magnum Hunter Resources Corp., which filed for creditor protection in December.

from Zero Hedge: 

The energy bankruptcy wave has been officially unleashed.

After just yesterday Energy XXI became the latest shale company to seek bankruptcy protection, this morning another troubled energy producer, Goodrich Petroleum announced a prepackaged Chapter filing meant to implement a financial reorganization after struggling to restructure its debt amid declining energy prices.

In its press release, the company announced, that “through the Chapter 11 restructuring, the Company will eliminate approximately $400 million in debt from its balance sheet, substantially deleverage its capital structure and strategically position the Company for long-term performance in an anticipated improving commodity price environment. The RSA

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