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Seventy Seven Energy Emerges from Bankruptcy
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Seventy Seven Energy Inc. has successfully completed its prepackaged restructuring and recapitalization and emerged from Chapter 11 bankruptcy protection. The Company, whose Chapter 11 plan of reorganization was confirmed by the United States Bankruptcy Court for the District of Delaware on July 14, 2016, completed the process in less than two months.
The Company’s execution of the balance sheet restructuring resulted in a conversion of approximately $1.1 billion of pre-petition debt into equity. As previously announced, the Company was able to complete the restructuring with no disruption to its employees, customers, suppliers and operations.
Chief Executive Officer Jerry Winchester said: "The rapid completion of the bankruptcy process and today’s emergence from Chapter 11 represent the final step forward in our financial restructuring. I would like to thank all of our employees, customers, vendors and other stakeholders for their dedication and support through this process. We look forward to continuing these relationships for years to come.
"We will now be able to focus completely on maximizing our operational strengths and assets to grow our business as the market recovers. We are very enthusiastic about the future of the Company.”
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