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Stone Energy to File Chapter 11

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On October 20, 2016, Stone Energy Corporation entered into a restructuring support agreement (RSA) with certain (i) holders of the Company’s 1 3⁄4 % Senior Convertible Notes due 2017 and (ii) holders of the Company’s 7 1⁄2 % Senior Notes due 2022, to support a restructuring on the terms of a pre-packaged plan of reorganization. The RSA contemplates that the Company will file for Chapter 11 of the U.S. Bankruptcy Code on or before December 9, 2016 to implement the Plan. The RSA contains certain covenants on the part of the Company and the Noteholders who are signatories to the RSA, including that such Noteholders will vote in favor of the Plan, support the sale of the Properties and otherwise facilitate the restructuring transaction, in each case subject to certain terms and conditions in the RSA. The consummation of the Plan will be subject to customary conditions and other requirements, as well as the sale by Stone of the Properties for a cash purchase price of at least $350 million and approval of the Bankruptcy Court. Read more on distressed companies.

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