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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Halcon Resources Corporation New | NYSE:HK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.159552 | 0 | 01:00:00 |
Halcó n Resources Corp. filed for chapter 11 bankruptcy protection Wednesday after lining up creditor support for its restructuring plan.
The Houston oil and gas explorer reported $2.85 billion in assets and $3.15 billion in debts as of March 31, according to the chapter 11 petition it filed with the U.S. Bankruptcy Court in Wilmington, Del.
Halcó n is seeking speedy court approval for a chapter 11 plan that would cut its debts by about $1.8 billion and reduce annual interest expenses by $200 million. The plan, which court papers say is the product of "extensive negotiations," carries the support of most of the company's top creditors.
The bondholders that Halcó n persuaded to back the plan before it filed for bankruptcy include the holders of third-lien notes, who would swap more than $1 billion in debt for a 76.5% stake in the reorganized company. The group would also receive $33.8 million in cash under the plan.
Unsecured bondholders, owed $645 million as of March 31, would get 15.5% of the restructured Halcó n's common shares, warrants to buy an additional 4% and $37.6 million in cash.
Convertible bondholders, owed $267.7 million as of March 31, would get 4% of the restructured Halcó n's common shares, warrants to buy another 1% and $15 million in cash.
Nearly $800 million in second-lien bonds due 2022 would be reinstated and unaffected in the restructuring. General unsecured creditors would be paid in full, and current shareholders are slated to hang onto a 4% stake in the reorganized company.
Halcó n's existing lenders have agreed to fund the chapter 11 case with a $600 million bankruptcy loan that would convert to bankruptcy-exit financing, court papers show. The loan, $450 million of which would refinance existing loan debt, is subject to court approval.
Founded in 2011 by legendary wildcatter Floyd C. Wilson, Halcó n was a pioneer of the shale oil and gas boom that operates in the Bakken Shale in North Dakota and the El Halcó n in central Texas.
Write to Jacqueline Palank at jacqueline.palank@wsj.com and Stephanie Gleason at stephanie.gleason@wsj.com
(END) Dow Jones Newswires
July 27, 2016 23:45 ET (03:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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