February 26, 2015 / 5:31 PM / 4 years ago

Samson Resources hires restructuring advisers-source

Feb 26 (Reuters) - Samson Resources Corp, a debt-laden oil and gas exploration and production company struggling with low energy prices, has hired restructuring advisers Kirkland & Ellis LLP and Blackstone Group LP, according to a person familiar with the matter.

Private equity-owned Samson doesn’t face any imminent debt maturities or breaches of credit covenants. The move shows that the company is seeking to prepare early to avoid any disorderly restructuring. It has already embarked on extensive asset sales to raise cash.

Samson did not immediately respond to a request for comment, while Kirkland & Ellis and Blackstone declined to comment. The Wall Street Journal first reported on the hirings.

Tulsa, Oklahoma-based Samson has posted large losses in the last year. Samson’s bonds are now trading around 35 cents on the dollar, a hallmark of a company in financial distress.

Private equity firm KKR & Co led the acquisition of Samson for $7.2 billion in 2011. Samson’s total debt amounts to $3.75 billion, of which $500 million matures in 2016, $1 billion in 2018 and $2.25 billion in 2020. (Reporting by Greg Roumeliotis in New York; Editing by Peter Galloway)

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