Halcon Resources Corp. (HK) has exited from its prepackaged chapter 11 bankruptcy agreement after completing its financial restructuring.
Voluntary Bankruptcy Filing
Halcon filed for voluntary Chapter 11 bankruptcy and entered a pre-packaged restructuring support agreement with stakeholder. The restructure was intended to eliminate approximately $1.8 billion of the companys debt, leaving it with around $1.09 billion debt remaining. (See also: Junk Energy Bonds Under Renewed Pressure.)
It was also announced that the restructure would also slash annual interest expenses by around $200 million.
Quick Exit from Bankruptcy
In an effort to exit from the prepackaged bankruptcy agreement as quickly as possible, Halcon met or other…
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