Dec. 15, 2016 01:18 PM

Oil and gas producer Stone Energy Corp. filed for Chapter 11 bankruptcy protection Wednesday, seeking court approval of a prepackaged restructuring plan that is supported by top lenders and bondholders.

The Lafayette-based independent operator reported $1.2 billion in assets and $1.7 billion in debts in its chapter 11 petition,.

The plan, filed with the U.S. Bankruptcy Court in Houston, calls for Stone to remove $1.2 billion in the principal amount of outstanding debt off its books at the end of the case, according to a Wednesday press release.

Read an analysis of the filing here and the full press release here.

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