Service & Supply | Debt | Oilfield Services | Bankruptcy / Restructure Update | Financial Trouble | Capital Markets
Crushed Under $1.1B of Debt, Seventy Seven Files Chapter 11
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Seventy Seven Energy Inc. has filed a plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.
As previously announced, the Company’s pre-packaged plan provides for a substantial deleveraging transaction pursuant to which approximately $1.1 billion of the Company’s outstanding debt will be converted to equity. The Chapter 11 reorganization is expected to conclude within 60 days.
Chief Executive Officer Jerry Winchester said: "The successful completion of the solicitation process and today’s filing represent the next step forward in our financial restructuring. The support of all of our stakeholders will allow our Company to expedite the reorganization process and maximize our operational strengths and assets to grow our business as the market recovers.”
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