November 7, 2018 / 11:16 PM / 9 days ago

PetroQuest seeks bankruptcy protection with debt-for-equity swap

Energy producer PetroQuest Energy Inc sought bankruptcy protection on Wednesday with a plan to eliminate more than $204 million of its debt and provide $50 million to help develop assets in Texas and Louisiana.

The plan, filed in U.S. Bankruptcy Court in Houston, pays off lenders and gives PetroQuest’s noteholders equity in a reorganized company along with $80 million worth of new notes.

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