Seventy Seven Energy Inc. Arises From Chapter 11 Bankruptcy|Organisation Wire
OKLAHOMA CITY–(BUSINESS WIRE)–. Seventy Seven Energy Inc. (the “Company”) today introduced that it's
effectively finished its packaged restructuring as well as
recapitalization and also arised from Chapter 11 personal bankruptcy defense. The
Firm, whose Chapter 11 strategy of reconstruction was validated by the
USA Bankruptcy Court for the District of Delaware on July 14,
2016, finished the procedure in much less compared to 2 months.
The Company’s implementation of the annual report restructuring led to a.
conversion of roughly $1.1 billion of pre-petition financial obligation right into.
equity. As formerly introduced, the Company had the ability to finish the.
reorganizing without any disturbance to its workers, consumers, providers.
and also procedures.
”. The quick conclusion of the insolvency procedure as well as today’s development.
from Chapter 11 stand for the last advance in our monetary.
restructuring,”. Chief Executive Officer Jerry Winchester claimed. “I'd certainly.
want to say thanks to every one of our staff members, consumers, suppliers and also various other.
stakeholders for their devotion as well as assistance via this procedure. We.
expect proceeding these connections for several years ahead.”.
Jerry Winchester proceeded, “We'll certainly currently have the ability to concentrate entirely on.
optimizing our functional staminas as well as possessions to expand our organization as.
the marketplace recuperates. We're really passionate concerning the future of the.
The Company prepares for that its ordinary shares will certainly be traded over the.
counter pending listing on a significant exchange at some time in the future.
The Company has actually established a toll-free details line to respond to.
stakeholder concerns. The info line could be accessed by calling.
844-224-1136 (worldwide 1-917-962-8386). Added info.
concerning the restructuring as well as financial obligation arrangements will certainly be offered in an 8-K,.
which could be seen on the Company’s internet site or the Securities and also.
Exchange Commission’s (”. SEC”) site at www.sec.gov. The Company has actually additionally published info and also biographies pertaining to the Company’s.
brand-new Board of Directors on its internet site at < a href
=” http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.77NRG.com&esheet=51392377&newsitemid=20160801006222&lan=en-US&anchor=www.77NRG.com&index=2&md5=5edec3136202982feb09fc45ad7cbf67″ > www.77NRG.com. Concerning Seventy Seven Energy Inc.
. Locateded in Oklahoma City, SSE gives a large range of wellsite.
solutions and also tools to U.S. land-based expedition and also manufacturing.
consumers. SSE’s solutions consist of boring, hydraulic fracturing and also.
oilfield leasings as well as its procedures are geographically branched out.
throughout a lot of one of the most energetic oil and also gas plays in the onshore.
UNITED STATE, consisting of the Anadarko and also Permian containers as well as the Eagle Ford,.
Haynesville, Marcellus, Niobrara and also Utica shales. For extra.
details and also discussions and also current press release.
Thisnews launch has specific declarations and also.
details that could comprise “progressive declarations” within the.
significance of Section 27A of the Securities Act of 1933, as modified, and also.
Area 21E of the Securities Exchange Act of 1934, as changed. All.
declarations, aside from declarations of historic realities that resolve.
tasks, occasions or advancements that we anticipate, expect or think.
will certainly or could take place in the future are positive declarations. The.
words “think,” “make sure,” “will certainly” as well as comparable expressions, and also the.
unfavorable thereof, are planned to determine positive declarations.
Without restricting the generalization of the foregoing, positive.
declarations had in this news release especially consist of.
forecasts, price quotes and also declarations concerning our company expectation as well as.
strategies, consisting of relative to our funding framework, business.
appraisal, future monetary setting as well as funding sources, procedures,.
efficiency and also development. Positive declarations are not guarantees of.
future efficiency. These progressive declarations are based upon.
monitoring’s existing assumptions as well as ideas, projections for our.
existing procedures, experience, as well as assumption of historic fads,.
present problems, awaited future advancements as well as their impact on.
us, and also various other variables thought to be proper. Administration.
thinks that the presumptions as well as assumptions shown in these.
positive declarations are affordable as when made, no guarantee.
could be considered that these presumptions are exact or that any one of these.
assumptions will certainly be accomplished (completely or in any way). Our.
progressive declarations undergo considerable dangers as well as.
unpredictabilities, a number of which are past our control, which might create.
real outcomes to vary materially from our historic experience and also.
our existing assumptions or forecasts which are suggested or revealed.
by the positive declarations. Essential variables that might trigger.
real result in vary materially from those in the positive.
declarations consist of, however aren't restricted to, threats associating with financial.
problems. Volatility of petroleum and also gas product costs;.
hold-ups in or failing of distribution of future or present orders of.
specific devices. The loss of or disruption in procedures of one.
or extra vital providers or clients. Oil and also gas market problems. The.
impacts of federal government guideline, allowing as well as various other lawful.
needs, consisting of brand-new regulation or policy of hydraulic.
fracturing. Running dangers. The competence of our funding sources as well as.
liquidity. Climate. Lawsuits. Competitors in the oil and also gas.
market. As well as prices as well as accessibility of sources.
For added info concerning well-known product variables that could.
create our real cause vary from our existing assumptions as well as.
forecasted outcomes, please see our filings with the United States Securities and also.
Exchange Commission (”. SEC”), including our Current Reports on Form 8-K.
that we submit periodically, Quarterly Reports on Form 10-Q. Also our.
Yearly Reports on Form 10-K.
Visitors are warned not to position unnecessary dependence on any kind of positive.
declaration which talks just since the day on which such declaration is.
made. We embark on no responsibility to remedy, modify or upgrade any type of.
positive declaration after the day such declaration is made, whether.
as an outcome of brand-new details, future occasions or otherwise, other than as.
called for by suitable legislation.
Seventy Seven Energy Inc. has actually been encouraged via this procedure by the.
law office of Baker Botts and also Morris, Nichols, Arsht &. &. Tunnell,.
financial investment financial institution Lazard Freres and also monetary consultant Alvarez &. &. Marsal.
Seventy Seven Energy Inc. Service Wire
—. Seventy Seven Energy Inc. (the “Company”) today introduced that it's
Locateded in Oklahoma City, SSE gives a large variety of wellsite.