Stone Energy Corp. said this week that it has hired a financial adviser to help the board of directors decide in what direction the company should go after emerging from bankruptcy earlier this year.
The board is assessing its alternatives and said “all potential avenues” are being explored. Those options include acquiring more assets, accessing more capital, a merger or another “type of strategic transaction,” the company said.
Stone completed its reorganization in February when it exited Chapter 11 bankruptcy proceedings and eliminated $1.2 billion of debt. The company also exited the Appalachian Basin with a $527 million asset sale to EQT Corp. The company is now left with offshore assets in the Gulf of Mexico.
Stone’s board was reformed when it emerged from bankruptcy. Chairman Neal Goldman said hiring a financial adviser is in its best interest going forward, adding that the move is ultimately aimed at increasing the company’s value.
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