Cases & Deals

Franklin Advisers participates in consensual resolution to Goodrich Petroleum chapter 11 case

Clients Franklin Advisers, Inc.

Jones Day represented Franklin Advisers in connection with the Goodrich Petroleum chapter 11 case. Goodrich Petroleum is an independent oil and natural gas company engaged in the exploration, development and production of oil and gas. Franklin Advisers (through various funds it manages) held a significant majority of Goodrich Petroleum's approximately $175 million of outstanding second lien notes. On behalf of Franklin Advisers, Jones Day led negotiations with Goodrich Petroleum and its other major creditor constituents, including the unsecured creditors committee and Goodrich Petroleum's first lien lenders, on the terms of a consensual chapter 11 plan. Under Goodrich Petroleum's chapter 11 plan, various Franklin funds collectively received a significant majority of the outstanding equity of reorganized Goodrich Petroleum. Judge Marvin Isgur (United States Bankruptcy Court, Southern District of Texas) entered an order confirming Goodrich Petroleum's chapter 11 plan on September 28, 2016, and the plan's effective date occurred on October 12, 2016.