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GMX Resources submits reorganization plan

GMX Resources on Thursday announced plans to emerge from bankruptcy protection.
by Adam Wilmoth Modified: October 3, 2013 at 7:29 pm •  Published: October 4, 2013
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GMX Resources Inc. may be closer to emerging from bankruptcy protection.

The Oklahoma City oil and natural gas company said Thursday it has reached an agreement with some of its investors that would help the company complete its reorganization effort.

If the judge approves the plan, GMX will reorganize as a private company, GMX said in the statement.

Before filing for bankruptcy protection in April, GMX was a publicly traded company.

Holders of some of the company's senior secured notes last month agreed to buy “substantially all” of the company's assets for $338 million.

Under the company's plan support agreement submitted Sept. 30, the investor group would own GMX and its affiliates.

Holders of the company's senior secured second-priority notes due 2018, however, “shall be treated as general unsecured creditors,” which often receive little or no compensation through bankruptcy procedures.

GMX and its investors have asked the bankruptcy court to approve the plan during a hearing scheduled for Oct. 29.

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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