Seventy Seven Energy Inc. announced on Monday that it has emerged from Chapter 11 bankruptcy protection after successfully completing its prepackaged restructuring and recapitalization efforts, according to a company press release.
The Oklahoma City-based company filed for Chapter 11 reorganization in the United States Bankruptcy Court for the District of Delaware on July 14, 2016. Seventy Seven Energy completed the bankruptcy reorganization process in less than two months.
The Company converted nearly $1.1 billion of pre-petition debt into equity 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,” said Jerry Winchester, Chief Executive Officer. “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.”