Gas Producer GMX Resources, Two Divisions, Filing Bankruptcy

摘要

Citing low natural gas prices, GMX Resources has voluntarily filed for reorganization under Chapter 11 in the US Bankruptcy Court for the Western District of Oklahoma. The company has assets in the Williston Basin, East Texas and Denver Julesburg. In its filing, the company said it couldn't raise funds for long-term liquidity needs. Two of its divisions — Diamond Blue Drilling and Endeavor Pipeline—also filed for bankruptcy protection. Diamond Blue has minimal assets, while Endeavor Pipeline operates a natural gas gathering system in the East Texas Basin. According to court documents, GMX had total assets of $281.1 million and liabilities of $458.5 million as of Dec. 1. The company fell victim to the sharp drop in natural gas prices, reporting losses for the last eight quarters. GMX suspended payment of quarterly dividends on its preferred stock in March. Later that month, it missed an interest payment on senior secured notes due 2018.