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Bankruptcy Watch: 6/10/16

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As banks complete their Spring re-determination, the process where banks calibrate their credit levels for producers, the squeeze of 10-30% reductions are being felt as a growing number of producers have delayed their 10k reporting due to pending credit agreement defaults which need to be resolved in order to continue as a going concern. This week the following companies have announced, or indicated, they are pursuing some form of restructuring

 

Hercules offshore filed Chapter 11 on Monday in order to liquidate the assets of the company

 

Midstream Agreements: None

 

Seventy Seven Energy Inc. filed for Chapter 11 protection in Delaware Tuesday with a prepackaged plan that aims to shed roughly $1.1 billion in debt by handing over equity to lender

 

Midstream Agreements:  None

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