The Wall Street Journal reported that oil and gas driller Miller Energy Resources filed for bankruptcy protection with a plan to hand control of the company to an affiliate of private-equity firm Apollo Global Management and hedge fund Highbridge Capital Management, the investment management arm of JPMorgan Chase.

The Journal said facing a deadline to respond to the involuntary bankruptcy against its subsidiary, Miller Energy, the company opted to file for chapter 11 with backing from Apollo and Highbridge.

The Journal noted that under the deal, Apollo and Highbridge will swap some $190 million in Miller’s second-lien debt for new debt and 100% of the equity in the reorganized company. The two firms are also providing Miller with up to $20 million in bankruptcy financing so the company can stay up and running during its restructuring, the Journal said.