Plan would give equity to junior lenders, including Silver Point, Cerberus and Anschutz, in return for $1 billion debt forgiveness
By
Stephanie Gleason and
Matt Jarzemsky
Updated Sept. 17, 2015 3:29 p.m. ET
KKR & Co.’s Samson Resources Corp. filed for chapter 11 bankruptcy protection Wednesday with a plan to restructure its business and wipe more than $3.25 billion in debt from its books.
Yes - those who borrowed beyond their means are now falling by wayside. Without replacing production decay, SSN's loan is looking menacing. As someone said...."testing times".
MS
SSN Price at posting:
0.4¢ Sentiment: None Disclosure: Held