August 01, 2016
Weil is representing Houston onshore oil and natural gas company Halcón Resources Corporation in its recent chapter 11 case, which was filed in the U.S. Bankruptcy Court for the District of Delaware in Wilmington last week. The filing marks the official beginning of Halcón’s prepackaged chapter 11 plan, which will result in the elimination of approximately $1.8 billion in debt, and is one in a growing list of energy sector restructurings for the Firm so far this year.
In addition to cutting its debt by approximately $1.8 billion, the prepackaged reorganization plan will eliminate $222 million in preferred equity and reduce the company’s annual interest expense by more than $200 million. In its petition, the company listed $2.85 billion in assets and $3.15 billion in liabilities.
U.S. Bankruptcy Judge Brendan Shannon has set the Halcón debtors’ combined disclosure statement approval and plan confirmation hearing for September 8.