Nov 29 Stone Energy Corp investor Thomas
Satterfield raised his stake in the oil and gas producer and
said the company's restructuring plan "disproportionately
impairs" common shareholder interests.
Satterfield on Tuesday disclosed a 9.9 percent stake in the
company, up from a passive 6 percent stake as of June 2, making
him the company's biggest shareholder.
Stone Energy said in October that it had entered a
restructuring agreement with some senior noteholders and that
the company may file for chapter 11 bankruptcy on or before Dec.
Satterfield said he does not intend to support the proposed
restructuring plan, unless Stone Energy made changes to its
bankruptcy plan. (bit.ly/2g1XLcf)
Satterfield also said he would retain financial advisers and
engage a counsel to initiate a shareholder's class action to
recover losses incurred by the company's shareholders.
Stone Energy's shares were up 14.3 percent at $4.47 in heavy
(Reporting by Anet Josline Pinto in Bengaluru)