Warren lawyers lay out plan to exit bankruptcy [MarketWatch]
WARREN RESOURCES (WRES)
US:NASDAQ Investor Relations:
phx.corporate-ir.net/3wnu.url
Company Research
Source: MarketWatch
Warren lawyers lay out plan to exit bankruptcyLawyers who put oil and gas producer Warren Resources Inc. into bankruptcy proceedings laid out plans at a Friday court hearing for the company to get a fresh financial start.The Houston-based company said its executives have negotiated a $20 million bankruptcy loan so it can continue pulling natural gas from underground deposits in Pennsylvania and crude oil from the Los Angeles basin for Phillips 66 Co.'s refinery in Carson, Calif. Warren also drills for gas in Wyoming.The company faces $545.2 million in debt, according to documents filed in U.S. Bankruptcy Court in Houston.Warren Resources, however, won't need to spend that loan money right away because it negotiated to spend $10 million of cash in an otherwise-restricted bank account, officials told Judge Marvin Isgur at the hearing.The consent to spend that restricted cash came from Blackstone Group's GSO Capital Partners, which would forgive $248 million it is owed for 82.5% ownershi
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