Approach Resources Inc.
Description
Approach Resources Inc., along with all of its subsidiaries, has commenced a voluntary Chapter 11 case in the United States Bankruptcy Court for the Southern District of Texas (Houston Division) to explore strategic alternatives, including, without limitation, the restructuring of its balance sheet or the sale of its business as a going concern, in a court-supervised process. The company also announced that it has received a commitment from its pre-petition lenders for $16.5 million in new money “debtor-in-possession” (DIP) financing, subject to court approval and customary closing conditions.