(Reuters) - Stone Energy Corp (SGY.N) investor Thomas Satterfield raised his stake in the oil and gas producer and said the company’s restructuring plan “disproportionately impairs” common shareholder interests.
Satterfield on Tuesday disclosed a 9.9 percent stake in the company, up from a passive 6 percent stake as of June 2, making him the company’s biggest shareholder.
Stone Energy said in October that it had entered a restructuring agreement with some senior noteholders and that the company may file for chapter 11 bankruptcy on or before Dec. 9.
Satterfield said he does not intend to support the proposed restructuring plan, unless Stone Energy made changes to its bankruptcy plan. (bit.ly/2g1XLcf)
Satterfield also said he would retain financial advisers and engage a counsel to initiate a shareholder’s class action to recover losses incurred by the company’s shareholders.
Stone Energy’s shares were up 14.3 percent at $4.47 in heavy morning trade.
Reporting by Anet Josline Pinto in Bengaluru