LAFAYETTE, La., Feb. 11, 2019 (GLOBE NEWSWIRE) — PetroQuest Energy, Inc. today announced that the conditions to effectiveness of the Companys Chapter 11 Plan of Reorganization, which was confirmed by the United States Bankruptcy Court for the Southern District of Texas on January 31, 2019, have been satisfied and the Company has emerged from bankruptcy. Through this process, the Company has enhanced its balance sheet position by eliminating approximately $295 million in debt and preferred equity obligations from its balance sheet.
The Companys post-restructuring balance sheet includes $130 million of debt outstanding, consisting of $80 million in aggregate principal amount of its 10% Senior Secured PIK Notes due 2024 and a $50 millio…
Read the full article at: https://globenewswire.com/news-release/2019/02/11/1716468/0/en/PetroQuest-Energy-Announces-Successful-Completion-of-Financial-Restructuring-Provides-2018-Estimated-Proved-Oil-and-Gas-Reserves-and-Production.html