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Stone Energy Says Bankruptcy Filing a Possibility

Stone Energy Corp. SGY -15.64 % is working to negotiate a restructuring deal that could include a prepackaged bankruptcy, the company said after skipping a payment to bondholders.

The Lafayette, La., oil-and-gas company said Monday that it wouldn’t make a $29 million interest payment due to senior bondholders with $775 million in bonds maturing in 2022. Rather, the company is entering a 30-day grace period under its bond agreement and plans to use the time to negotiate a bondholder-supported plan that may include a bankruptcy filing.

“The company is in the process of analyzing various alternatives to address its liquidity and capital structure, including strategic and refinancing alternatives through a private restructuring, asset sales and a prepackaged or prearranged bankruptcy filing,” Stone said in a financial filing Monday.

Like so many peers, Stone’s...


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