Newspaper article THE JOURNAL RECORD

New Gulf Files Bankruptcy

Newspaper article THE JOURNAL RECORD

New Gulf Files Bankruptcy

Article excerpt

TULSA - New Gulf Resources on Thursday filed a Chapter 11 bankruptcy petition in the U.S. Bankruptcy Court for the District of Delaware.

Tulsa-based New Gulf said it filed the petition to facilitate a pre-arranged restructuring.

New Gulf has a restructuring support agreement with a committee of creditors holding more than 72 percent of its second-lien notes and 22 percent of its subordinated notes. The creditors agreed to provide at least $125 million of new capital to increase liquidity post-reorganization and pay down existing first-lien debt.

"This restructuring is an important step forward, and enables New Gulf Resources to take full advantage of our attractive assets in east Texas, most notably, the Bedias Creek, Johnson Ranch, Halliday and Kurten areas and to compete more effectively in the challenging commodity price environment," said Ralph A. …

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