The U.S. Bankruptcy Court confirmed Swift Energy’s Second Amended Joint Plan of Reorganization. Upon Plan implementation, the pre-petition senior noteholders, contract rejection claimholders and D.I.P. participants will hold 96% of the new common stock.
According to a corporate release, existing shareholders will hold 4% of the new common stock and receive warrants for an additional 30% of the new common stock. As a result of the exchange of senior notes for equity, the Company will have reduced its unsecured debt by approximately $905 million. Swift Energy anticipates that the Plan will become effective and the Company will emerge from bankruptcy on or before April 15, 2016.
Terry Swift, president and C.E.O., comments, “Swift Energy has worked diligently to improve its business and meet the required milestones under the RSA with the goal of achieving the best possible outcome for all of our constituents….Throughout this process, we have endeavored to work cooperatively with our constituents to position Swift to emerge from bankruptcy as a stronger company.”
This independent oil and gas company filed for Chapter 11 protection on December 31, 2015, listing $2.2 billion in pre-petition assets. Read more Swift Energy bankruptcy news.
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