Goodrich Petroleum Corp. filed for Chapter 11 in a U.S. bankruptcy court to implement a financial reorganization after struggling to restructure its debt amid declining energy prices. “Through the Chapter 11 restructuring, the company will eliminate approximately $400 million in debt from its balance sheet, substantially de-leverage its capital structure and strategically position the company for long-term performance in an anticipated improving commodity price environment,” Houston-based Goodrich said in a statement on Friday. Goodrich earlier this month reached an agreement with creditors to use its “best efforts” to file for Chapter 11 with a prepackaged plan to reorganize and emerge from court as an operating business. That agreement came after the company’s debt-for-equity exchange offer failed to gain enough traction among debt holders. The company is the latest to succumb to the epidemic of defaults sweeping its industry during the biggest price slump in a generation. A shale boom […]