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Knight Energy Holdings Files For Ch. 11

Law360, New York (August 9, 2017, 6:43 PM EDT) -- Knight Energy Holdings LLC, an oil and gas tool rental company, filed for Chapter 11 bankruptcy in Louisiana on Tuesday, citing the knock-on effects of stubbornly low petroleum prices and seeking a quick turnaround through a proposed debt-for-equity swap.

Knight is entering bankruptcy with roughly $200 million in secured debt and roughly $10 million in unsecured debt, with unspecified assets in the $50 million to $100 million range.

The company says it’s already negotiated a debt-for-equity swap agreement with its largest creditor, the hedge fund Clearlake...
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