OKLAHOMA CITY–(BUSINESS WIRE)–Seventy Seven Energy Inc. (the Company), today announced that it has
entered into a Restructuring Support Agreement (the Agreement) with
certain lenders (the Incremental Term Loan Lenders) representing 92.0%
of the outstanding principal amount under the Companys Incremental Term
Supplement (Tranche A) loan and certain noteholders (the Consenting
2019 Noteholders) collectively owning or controlling in excess of 57.7%
of the aggregate outstanding principal amount of the Companys 6.625%
senior notes due 2019 (the 2019 Notes). The terms of the Agreement
provide for a substantial deleveraging of the Companys balance sheet by
convertin…
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