Posted 10/13/15 (Tue)
By Cecile Krimm
Creditors of Samson Resource Corporation last week received mailings advising them of the commencement of Chapter 11 proceedings.
The notice includes filings and advice to creditors of Samson Resources Corporation, Geodyne Resources, Samson Contour Energy Co. and Samson Contour Energy E&P, Samson Holdings and Samson-International, Ltd.
Samson Resources had been one of the most active oil exploration and production operations in Divide County until recently.
According to documents received by Journal Publishing as a potential claimant, the petition for Ch. 11 was originally filed Sept. 16, 2015. A number of motions already granted on an interim basis were expected to be finalized at a hearing today, Oct. 14, 2015.
The purpose of a Ch. 11 bankruptcy is for reorganizing and/or liquidating according to a prescribed plan.
Creditors, which are people to whom the company may owe money, have certain deadlines laid out in the documents, for filing claims of debts owed.
Samson Resources is being represented in the action by the firms of Kirkland & Ellis, New York; and Klehr Harrison Harvey Branzenberg, Wilmington, Del.