Goodrich Petroleum Files For Bankruptcy $GDP

HOUSTON, April 15, 2016 /PRNewswire/ -- Goodrich Petroleum Corporation (OTC Markets: GDPM) (the "Company") today announced that it and its subsidiary has filed for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division, in order to implement the terms of that certain Restructuring Support Agreement (the "RSA") previously announced. The RSA and the bankruptcy proceeding will allow for the restructuring of the Company's balance sheet, which will strengthen the Company's financial position by reducing long-term debt and enhancing financial flexibility.