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GMX Resources reorganizes as 2 companies

Oklahoma City’s former GMX Resources has emerged from bankruptcy as two companies: Thunderbird Resources Equity Inc. and Thunderbird Resources LP.
by Adam Wilmoth Published: February 4, 2014

GMX Resources has emerged from bankruptcy as two privately held companies: Thunderbird Resources Equity Inc. and Thunderbird Resources LP.

The Oklahoma City-based oil and natural gas producer filed for bankruptcy protection April 1, 2013, listing assets of $281 million and debts of more than $485 million.

Thunderbird executives did not return phone calls to The Oklahoman on Tuesday.

About the deal

A bankruptcy judge approved the reorganization plan Jan. 22.

Under terms of the deal, holders of some of the company’s senior secured notes agreed to buy “substantially all” of the company’s assets for $338 million.

The reorganization plan reduces the total amount of outstanding indebtedness by about $505 million. General unsecured creditors received a pro rata share of interests in a creditor trust and $1.5 million in cash. All rights and interests of holders of GMX’s common and preferred stock have been terminated.

GMX previously said said it had 65 employees in its offices in Oklahoma City, Denver, Texas and North Dakota before eliminating an unspecified number of positions last year.

The company controls oil and natural gas producing assets in North Dakota, Colorado and East Texas.

by Adam Wilmoth
Energy Editor
Adam Wilmoth returned to The Oklahoman as energy editor in 2012 after working for four years in public relations. He previously spent seven years as a business reporter at The Oklahoman, including five years covering the state's energy sector....
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