Shares of Stone Energy Corp. lost half their value in premarket trade Friday, after the oil and gas company announced a restructuring support agreement (RSA) with certain convertible note holders as the company prepares for a bankruptcy filing. The RSA contemplates the company will file for chapter 11 on or before Dec. 9, the company said in a statement issued late Thursday. "The execution of the RSA is the culmination of months of hard work to right-size our balance sheet in response to a sustained period of low oil and natural gas commodity prices," said Chief Executive David Welch.
Continue Reading Below
Copyright © 2016 MarketWatch, Inc.