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Permian E&P Files Chapter 11 Bankruptcy
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In a not-so-surprising move, Permian pure player Halcon Resources has filed chapter 11 bankruptcy with certain holders of its 6.75% Senior Unsecured Notes due 2025.
This is not surpising at all. Here is a walk down memory lane.
February 21, 2019 - CEO Floyd Wilson Out At Halcon June 3, 2019 - Halcon Out of NYSE Compliance as Stock Dips Below $1.00 June 10, 2019 - Former Ajax Resources CEO Takes Helm of Halcon July 23, 2019 - Halcon Delisted from NYSE; Stock to Trade on Pink SheetsThe Restructuring Plan, if implemented, will result in the elimination of more than $750 million of debt and an ongoing reduction in annual interest expense of more than $40 million.
Holders of the $625 million outstanding Unsecured Notes will recieve 91% of the new company.
Halcón has also received an…
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