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Warren Resources Chapter 11 Plan Effective

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Warren Resources’ Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on September 14, 2016.

Warren Resources announced that it emerges with an improved balance sheet and viable capital structure. In accordance with the Plan, the Company’s pre-bankruptcy common stock and preferred stock have been cancelled on the effective date of the Plan, and Warren Resources is issuing new common stock to its pre-petition creditors, including lenders under its pre-petition first-lien and second-lien secured credit facilities, an unsecured contractual claimholder and investors who held pre-petition unsecured notes.

James A. Watt, president, chief executive officer and chairman of the board of Warren Resources, states, “With our new capital structure, we are positioned to further develop and potentially expand our asset base in order to enhance value for our new stockholders.”

In connection with its restructuring and cost reduction measures, Warren Resources plans to relocate its headquarters to Dallas, TX by January 1, 2017 and close its current offices in Houston and Plano, TX. This oil and gas production company filed for Chapter 11 protection on June 2, 2016, listing $235 million in pre-petition assets.

Read more oil & gas bankruptcy news.

The post Warren Resources Chapter 11 Plan Effective appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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