Driller Halcon Resources Revisits Ch. 11 With Debt Swap Plan

Law360 (August 7, 2019, 8:27 PM EDT) -- Oil and gas driller Halcon Resources Corp. sought Chapter 11 protection Wednesday in Texas three years after it last filed for bankruptcy, this time with a plan to eliminate $750 million in debt as part of an equity swap supported by its noteholders.

In a first-day declaration, Halcon Chief Restructuring Officer Albert S. Conly said that since it emerged from its earlier Chapter 11 case, it has divested several groups of assets to become a single-play exploration company focused on the Delaware Basin in West Texas and that operational challenges cropped up in recent months that increased its costs and hampered...

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