Debt | Bankruptcy / Restructure Update | Financial Trouble | Capital Markets
Halcon To Restructure Through Chapter 11 Bankruptcy
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Halcón Resources Corporation has reached an agreement in principle on terms of a plan to restructure its balance sheet.
The Restructuring Plan, if implemented, will result in the elimination of approximately $1.8 billion of debt and approximately $222 million of Preferred Equity, and will reduce the Company’s ongoing annual interest burden by more than $200 million.
Advisors
PJT Partners is acting as financial advisor, Weil, Gotshal & Manges LLP is acting as legal counsel and Alvarez & Marsal is acting as restructuring advisor to the Company in connection with the Restructuring Plan. Houlihan Lokey Capital, Inc. is acting as financial advisor and Latham & Watkins LLP is acting as legal advisor to the select ad hoc committee of 3L Notes. Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal advisor to the select ad hoc committee of Unsecured Notes.
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