Published: May 2, 2016 |

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Swift Energy Company has completed its financial restructuring and emerged from Chapter 11. The company officially concluded its reorganization after completing all required actions and satisfying the remaining conditions to its plan of reorganization, which was confirmed by the US Bankruptcy Court for the District of Delaware by order dated March 31, 2016. In conjunction with its emergence from Chapter 11, the company closed on its new $320 million senior secured credit facility and on its sale of certain assets in Central Louisiana to TEXEGY LLC.

“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.

“With our emergence comes a new era for Swift, and while we are excited to have this process behind us, we must continue in our efforts to further improve our operations and maximize the value of our assets. We face the future with a renewed sense of energy and enthusiasm and look forward to working with our new board of directors and investor base to execute on our strategic plans,” said Chief Executive Officer Terry Swift.

About Swift Energy Company
Swift Energy Company, founded in 1979 and headquartered in Houston, engages in developing, exploring, acquiring and operating oil and gas properties, with a focus on the Eagle Ford trend of South Texas and, to a lesser extent, the onshore and inland waters of Louisiana.

To stop by Swift Energy’s website, CLICK HERE

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