Stone Energy restructuring support, sale and credit agreements amended

By Caroline Salls

Pittsburgh, Dec. 12 – Stone Energy Corp. obtained extensions of its restructuring support agreement, purchase and sale agreement and credit agreement, according to a company news release.

Under an amendment to the support agreement with holders of its 1.75% senior convertible notes due 2017 and 7½% senior notes due 2022, Stone’s deadline for filing Chapter 11 bankruptcy cases was extended to Dec. 13 from Dec. 9.

An amendment to the purchase and sale agreement with Tug Hill, Inc. affiliate TH Exploration III, LLC extends the Chapter 11 filing deadline to Dec. 14 from Dec. 9.

In addition, an amendment to the credit agreements required anti-hoarding cash provisions to take effect as of Dec. 10.

Stone Energy is a Lafayette, La., oil and gas exploration and production company.

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