- Goodrich Petroleum (NYSE:GDP -5.7%) is trading lower after announcing after Friday's close that it is suspending dividend payments on preferred stock.
- GDP says it suspended dividends for the September quarter on its 5.375% series B cumulative convertible preferred, 10% series C cumulative preferred and 9.75% series D cumulative preferred stock.
- If GDP does not pay dividends for six quarterly periods, whether consecutive or non-consecutive, the holders would have the right to elect two additional directors to serve on GDP's board until all accumulated and unpaid dividends are paid in full.