It’s official: Samson Resources, the Oklahoma-based oil-and-gas exploration company, has gone bust.
The company filed for Chapter 11 late Wednesday.
That means private equity firm KKR, which bought the company for $7.2 billion, is out a whole lot of money, once again, on a busted energy deal.
This isn’t the first time KKR has been hit by a bad investment in the energy sector.
Electric utility company Energy Future Holdings Corp. filed for bankruptcy in April 2014.
Other private equity firms to take a hit recently include energy investor First Reserve, which took a loss when its investment in Sabine Oil and Gas went south amid plunging commodity prices in July.
As reported by Business Insider