Seventy Seven Energy Emerges from Chapter 11 Bankruptcy
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Seventy Seven Energy Inc. has successfully completed its prepackaged restructuring and recapitalization and emerged from Chapter 11 bankruptcy protection. The company, whose Chapter 11 plan of reorganization was confirmed by the United States Bankruptcy Court for the District of Delaware on July 14, 2016, completed the process in less than two months.
The company’s execution of the balance sheet restructuring resulted in a conversion of approximately $1.1 billion of pre-petition debt into equity. The company was able to complete the restructuring with no disruption to its employees, customers, suppliers and operations.
“The rapid completion of the bankruptcy process and today’s emergence from Chapter 11 represent the final step forward in our financial restructuring. I would like to thank all of our employees, customers, vendors and other stakeholders for their dedication and support through this process. We look forward to continuing these relationships for years to come,” said Jerry Winchester, chief executive officer of Seventy Seven Energy.
“We will now be able to focus completely on maximizing our operational strengths and assets to grow our business as the market recovers. We are very enthusiastic about the future of the company,” added Winchester.
About Seventy Seven Energy
Headquartered in Oklahoma City, SSE provides a wide range of wellsite services and equipment to U.S. land-based exploration and production customers. SSE’s services include drilling, hydraulic fracturing and oilfield rentals and its operations are geographically diversified across many of the most active oil and natural gas plays in the onshore U.S., including the Anadarko and Permian basins and the Eagle Ford, Haynesville, Marcellus, Niobrara and Utica shales.
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