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The Wall Street Journal: Stone Energy files for bankruptcy to restructure its debts

Oil and gas producer Stone Energy Corp. filed for chapter 11 bankruptcy protection Wednesday to carry out a debt-restructuring plan supported by top lenders and bondholders.

The Lafayette, La., company reported assets and debts each in the $1 billion to $10 billion range in its chapter 11 petition, filed with the U.S. Bankruptcy Court in Houston.

Creditors’ support for its reorganization plan, which prior regulatory filings say calls on bondholders to forgive about $850 million in debt for ownership of the reorganized company, is conditioned on Stone quickly securing court approval for the plan.

The debt-cutting plan will help Stone SGY, -6.26% “withstand depressed oil and natural gas prices,” according to a November filing with the Securities and Exchange Commission.

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