In the final hours of 2015, Swift Energy Company turned to Chapter 11 bankruptcy to help it deal with a debt load of more than $1 billion. No doubt the Houston-based company’s main New Year’s resolution is to overcome the current adverse business climate driven by the recent nosedive in oil prices.
Swift filed its Chapter 11 bankruptcy action in U.S. Bankruptcy Court for the District of Delaware. On Dec. 31, Swift announced that it has reached an agreement with holders of a majority of its senior notes to convert all senior notes to equity pursuant to the terms of a restructuring support agreement signed that same day. Under the agreement, existing equity holders are to retain 4 percent of the company’s equity on a fully diluted basis, subject only to dilution as a result of a proposed new management incentive program.
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