1 Min Read
Feb 9 (Reuters) - Oil and gas producer Warren Resources Inc warned it would have to seek bankruptcy protection, if it fails to reach a debt restructuring agreement.
The company had deferred a $7.5 million semi-annual interest payment that was due on Feb. 1, in an attempt to reach a deal with its creditors that will help it improve its capital structure.
"These are very difficult times for Warren and its industry peers," Chief Executive James Watt said in a statement, adding that the company needed further concessions from debt holders and vendors to survive a prolonged downturn in oil prices. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Sriraj Kalluvila)