February 15, 2017 / 11:45 AM / in 10 months

Bankrupt Stone Energy wins court approval for restructuring

Two months after filing for bankruptcy, Stone Energy Corp won court approval on Tuesday for its reorganization plan to eliminate about $1.2 billion in debt, a spokeswoman for the offshore producer said.

Publicly traded Stone filed for Chapter 11 bankruptcy in mid-December with a prepackaged plan and said it hoped to complete its case in 90 days, with the goal of transferring control to its noteholders.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2l7Ik5J

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