Reuters: Bankruptcy News: UPDATE 1-GMX Resources files for bankruptcy

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UPDATE 1-GMX Resources files for bankruptcy Apr 1st 2013, 14:28 Mon Apr 1, 2013 10:28am EDT April 1 (Reuters) - Oil and gas producer GMX Resources Inc said it had filed for Chapter 11 bankruptcy protection, hit by weak natural gas prices. The company, which has assets in the Williston basin in North Dakota and Montana, the Denver Julesburg basin in Wyoming and the East Texas basin, said it had been unsuccessful in raising funds to meet its long-term liquidity needs. Two GMX units - Diamond Blue Drilling Co and Endeavor Pipeline Inc - also filed for bankruptcy protection. Diamond Blue has minimal assets, while Endeavor Pipeline operates a natural gas gathering system in the East Texas basin. GMX also has a 60 percent stake in Endeavor Gathering, which owns the natural gas gathering system and related equipment operated by Endeavor Pipeline. GMX did not include Endeavor Gathering in the filing. The company said it was negotiating an agreement with holders of its senior secured notes due 2017 for them to acquire substantially all its operating assets and undeveloped acreage. GMX has obtained debtor-in-possession financing of up to $50 million from the bondholders, it said. The company had total assets of $281.1 million and liabilities of $458.5 million as of Dec. 1, according to court documents. The case is In re: GMX Resources Inc, U.S. Bankruptcy Court, Western District of Oklahoma, No:13-11456. Link this Share this Digg this Email Reprints

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