November 8, 2019 / 10:26 PM / 5 days ago

Weak natural gas prices drive Arsenal back into bankruptcy

Arsenal Resources Development LLC filed for Chapter 11 bankruptcy protection on Friday with a plan approved by its stakeholders to cut more than $400 million in debt, marking the natural gas producer’s second attempt this year to reorganize its finances under court supervision.

Chief Financial Officer Allen Goetz in papers filed in U.S. Bankruptcy Court in Delaware said Arsenal aims to have the plan approved and take effect in February, which would be relatively fast but slower than the company’s first Chapter 11 case.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2K51c2S

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