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Seventy Seven Energy Tags $59.6MM Loss in 1Q; Restructures Loan
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Seventy Seven Energy Inc. reported financial and operational results for the first quarter of 2016.
Key Points: SSE announced that it had entered into a Restructuring Support Agreement with certain lenders representing 92.0% of the outstanding principal amount under the Company's Incremental Term Supplement (Tranche A) loan Net loss for the first quarter of 2016 was $59.6 millionSSE reported total revenues of $155.4 million for the first quarter of 2016, a 19% decrease compared to revenues of $192.8 million for the fourth quarter of 2015, and a 64% decrease compared to revenues of $429.8 million for the first quarter of 2015. SSE's adjusted EBITDA was $37.9 million for the first quarter of 2016, compared to adjusted EBITDA of $56.3 million for the fourth quarter of 2015 and adjusted…
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