Debt | Bankruptcy / Restructure Update | Capital Markets | Bankruptcy Exit
Halcon Resources Exits Bankruptcy
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Halcón Resources has emerged from Chapter 11 bankruptcy.
Approximately $1.8 billion of the Company’s debt has been eliminated under the Restructuring Plan along with more than $200 million of annual interest expense going forward.
As part of the emergence, Halcón’s $600 million debtor-in-possession credit facility was converted into a $600 million reserve-based senior revolving credit facility. The first borrowing base redetermination is scheduled for May of 2017.
Additionally, a new Board of Directors was appointed. The new Board of Directors consists of nine members including: Floyd Wilson, Jim Christmas, Tom Fuller, Nate Walton, Darryl Schall, Eric Takaha, Michael Clark, Ronald Scott and William Campbell. Background information on the new directors is available on the Company’s website.
PJT Partners served as Halcón’s financial advisor and Weil, Gotshal & Manges, LLP acted as legal advisor to the Company in relation to the Restructuring Plan and the chapter 11 cases.
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