Tuesday, April 19, 2016

Chesapeake Spin-Off -- Seventy Seven Energy To File For Chapter 11 Bankruptcy -- April 29, 2016

Reuters/Rigzone is reporting:
Oilfield services company Seventy Seven Energy Inc said it intended to file for a prepackaged Chapter 11 bankruptcy on or before May 26, 2016.
The company, which was spun off from Chesapeake Energy Corp in 2014, said it had entered into a restructuring agreement with certain lenders that would allow it to convert about $1.1 billion of its debt into equity.

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