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Samson Resources Global Settlement Filed

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Samson Resources filed with the U.S. Bankruptcy Court a global settlement and continuance of the hearing to consider the Company’s Disclosure Statement.

Documents filed with the Court note, “Under the Joint Global Settlement Plan: the Debtors’ first lien lenders will receive a full recovery in cash and new secured debt; holders of general unsecured claims (other than unsecured second lien deficiency claims and Sponsor claims) will be the beneficiaries of a trust, which will receive and distribute the proceeds of a cash settlement payment of $168.5 million (or $180 million plus 10 percent interest until fully funded, if the full $168.5 million is not paid in the trust before June 30, 2017) and all estate claims and causes of action not otherwise released by the plan; the Debtors’ second lien lenders (1) will receive substantially all of the equity in the reorganized Debtors (subject to dilution by the Debtors’ management incentive plan and new common stock issued in connection with a rights offering to second lien lenders and a backstop commitment provided by certain second lien lenders).”

In addition, “In connection with the Joint Global Settlement Plan and the global settlement, the Debtors intend to seek approval from the Court at the Adjourned Hearing of a stipulation and agreement evidencing the Settling Parties’ support for the Joint Global Settlement Plan and pursuant to which: prior to confirmation of the plan, the Debtors will set aside approximately $100 million in cash, which cash will ultimately be used, pursuant to the confirmed plan, to satisfy a portion of the settlement payment to the liquidating trust for the benefit of general unsecured creditors; the Debtors may pay down $670 million of the principal loan obligations under their first lien credit facility subject to an agreement by the parties on certain terms and conditions.”

Court-filed documents further note, “In consideration of the global settlement, the hearing scheduled for Friday, January 6, 2017 to consider approval of the disclosure statements previously filed by the Debtors and the Committee has been continued to January 11, 2017…the ‘Adjourned Hearing’, at which time the Settling Parties will (a) seek approval of disclosure statement for the Joint Global Settlement Plan, and (b) ask the Court to set deadlines for voting, objections, and related matters with respect to the Joint Global Settlement Plan so that confirmation of the Joint Global Settlement Plan can be heard on a date in the week of February 13, 2017.”

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