Samson Resources files for Chapter 11 bankruptcy protection. The action was filed in federal court in Delaware.
In a news release, the company calls the action pre-arranged and say 68-percent of its second lien lenders have already approved of the plan. The company is $4.2 billion in debt and will use the bankruptcy protection to try and lower its debt load.
The steep drop in energy prices is catching the blame for what experts are calling it one of biggest energy bankruptcy cases this year. The company plans to continue to operate while in bankruptcy