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Seventy Seven Energy To File Bankruptcy; Enters RSA
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Seventy Seven Energy Inc. said Tuesday that it plans to file for Chapter 11 bankruptcy protection and that it has reached a restructuring agreement with many of its lenders.
The Chapter 11 filings will convert debt into common shares of the new company.
The company provides drillig and pressure pumping services. This sector has been hit hard, with wells frac'd int he US down more than 50% and rig count.
The company said it reached an agreement with lenders of $650 million 2019 note and they will recieve 97% of the new company common stock.
Holders of the $450 million 2022 note will later vote on whether they will accept the mesaley 3.2% along with warrants worth up to 14.9 percent of the new company.
As you might remember is the company that was spun out from Chesapeake Energy and IPO'd in July 2014.
The company has tried to diversify away from its major customer (Chesapeake) but was unable to do so.
Stock Performance (closed today-4-19-2016:6:40pm at 0.238 cents)
Drilling Business : Areas of Operations
Frac Market Share
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