Seventy Seven Energy files for bankruptcy

|About: Seventy Seven Energy Inc. (SSE)|By:, SA News Editor

Seventy Seven Energy (NYSE:SSE) files for Chapter 11 bankruptcy, and says it will carry out a plan to convert $1.1B of its debt into equity in a reorganized company.

SSE says its creditors have voted overwhelmingly in favor its prepackaged bankruptcy plan in which the company’s 2019 unsecured bondholders will receive at least 96.75% equity in the restructured company in exchange for forgiveness of the $650M they are owed.

SSE, which was spun out of Chesapeake Energy in 2014, listed assets of $1.7B and debts of $1.8B as of April 30.

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