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Jones Energy Inc. has filed for bankruptcy.
The company has grappled with several financial issues in recent months, including moving its stock to the OTC marketplace in November 2018. The move came mere months after the company completed a reverse stock split in order to regain compliance with the NYSE.
On April 14, 2019, the Company filed a pre-packaged chapter 11 plan of reorganization, which if approved, will fully equitize the Company's outstanding prepetition funded debt, authorize incurrence of a fully committed exit facility, and satisfy all trade, customer, employee, and royalty claims in full in the ordinary course of business and without change or interruption to its normal payments process.
The company is being represented by Kirkland & Ellis LLP and Jackson Walker LLP.
