Finance & Investing | Debt | Bankruptcy / Restructure Update | Capital Markets
Swift Energy Re-Org Approved By Court; Exit Date Set
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Swift Energy is reporting that the Bankruptcy Court has confirmed its plan of reorganization. The skinny on the plan is that the $75 million debtor in possession loan provided to the company after it filed chapter 11 will be convert to 96% of the new common stock.
The company bank is agreeing to provide a post bankruptcy reserve based exit loan of $320 million.
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