September 12, 2019 / 10:31 PM / 8 days ago

Alta Mesa files for Ch. 11, looking for buyer and holding restructuring talks

Energy producer Alta Mesa Resources Inc has filed for bankruptcy protection to try to find a buyer or restructure its nearly $850 million in debt, blaming weak oil prices.

Alta Mesa in papers filed on Thursday in U.S. Bankruptcy Court in Houston said that in addition to its financial troubles, it has been having to contend with “substantial turnover” of top executives and an investigation by the U.S. Securities and Exchange Commission into its reserve estimates.

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