Goodrich Petroleum satisfied the conditions of its Chapter 11 plan of reorganization, emerging from bankruptcy. Wells Fargo served as administrative agent on a senior secured credit facility to support the reorganization.

The company used $20 million of its $40 million in new capital from the issuance of convertible senior secured notes to pay down its outstanding borrowings under a previous credit facility to $20 million, which is now the outstanding principal amount of a new senior secured credit facility led by Wells Fargo.

By working constructively with its creditors and other stakeholders, the company emerged from bankruptcy with the same assets and having substantially reduced its total long-term debt and cost structure, which provides the post-emergence company with a significantly improved capital structure to maximize the value of its asset portfolio.

The company also has $20 million in cash from the new capital to fund initial development of its Haynesville Shale drilling program.

Lazard acted as financial advisor, and Vinson & Elkins acted as legal counsel to Houston-based Goodrich in connection with the bankruptcy process.