GMX Resources (NYSE:GMXR): Closing price $2.19
On Monday, GMX reported that it has filed a voluntary petition for reorganization under Chapter 11 in the United States Bankruptcy Court for the Western District of Oklahoma. Along with this petition, the firm is pursuing an asset purchase accord with holders of its Senior Secured Notes due 2017 to purchase substantially all of its operating assets and undeveloped acreage. GMX’s joint venture Endeavor Gathering, in which it owns a 60 percent membership interest, is not included in the filing. GMX is an oil and gas exploration and production firm with assets in the Williston Basin, East Texas Basin, and Denver Julesburg Basin.
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