April 15, 2019 / 9:29 PM / 9 days ago

Jones Energy files for Ch. 11 bankruptcy to turn all its debt into equity

Oil and gas producer Jones Energy Inc sought bankruptcy protection on Sunday with a deal backed by large majorities of its secured and unsecured noteholders for a reorganization plan converting more than $1 billion in debt into equity.

Jones Chief Executive Carl Giesler Jr said in a first-day filing on Monday in U.S. Bankruptcy Court in Houston that bond creditors who rallied behind the restructuring support agreement have agreed for the company to pay trade creditors in full in a bid to have the deal and the Chapter 11 reorganization plan it supports win court approval early next month.

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