Another one bites the dust, Iran and Saudi Arabia sticking up the USA
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Another oil and gas bankruptcy. Goodrich Petroleum (OTCMKTS: GDPM) announced on Friday plans to file for bankruptcy protection in the next few weeks. Goodrich came to an agreement with junior creditors for a debt-for-equity swap. The deal will result in $175 million in debt for 100 percent of the company. Senior creditors would be paid in full. The prepackaged bankruptcy could allow Goodrich to emerge from bankruptcy with its drilling operations largely unaffected.
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