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Swift Energy Company announced it has completed its financial restructuring and emerged from Chapter 11. The company's bank also provided new $320 million senior secured credit facility and it completed the sale of certain assets in Central Louisiana to TEXEGY LLC.
Chief Executive Officer Terry Swift stated, “We are pleased to announce the successful completion of our financial restructuring in a relatively prompt timeframe. Through this restructuring, we have developed a more disciplined, efficient organization and greatly improved our balance sheet.
“Our noteholders’ continued support and willingness to invest in our company were critical to our emergence as was the agreement by our reserve-based lenders to provide the financing we needed to exit Chapter 11 and operate our business into the future.
“I’d like to specifically extend my sincerest gratitude to our employees who exhibited an unwavering commitment and dedication throughout this process. I’d also like to extend my appreciation to our former board of directors and advisors who worked tirelessly to ensure a quick and successful restructuring.”
Click here to learn more about Swift Energy Assets.
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