Seventy Seven Energy Files for Bankruptcy
Oilfield services company Seventy Seven Energy Inc filed for a prepackaged Chapter 11 bankruptcy on Tuesday to carry out a plan to convert $1.1 billion of its debt into equity in a reorganized company. Seventy Seven offers drilling and hydraulic fracturing services and was spun out of Chesapeake Energy Corp in 2014.
U.S. Regional Banks Brace for Energy Loan Losses
The five U.S. regional banks most exposed to the energy sector set aside millions of dollars more in the first quarter to cover potential losses from bad loans to the struggling oil industry. Overall, provisions for bad loans at Comerica Inc, Regions Financial Corp, KeyCorp, SunTrust…
Seventy Seven Energy to File for Bankruptcy Amid Oil Slump
Oilfield services company Seventy Seven Energy Inc said it intended to file for a prepackaged Chapter 11 bankruptcy on or before May 26, the latest energy company to seek bankruptcy protection amid a prolonged oil price slump. The company, which was spun off from Chesapeake Energy Corp in 2014…
Seventy Seven Energy to File for Bankruptcy amid Oil Slump
Oilfield services company Seventy Seven Energy Inc said it intended to file for a prepackaged Chapter 11 bankruptcy on or before May 26. The company said it had entered into a restructuring agreement with certain lenders that would allow it to convert about $1.1 billion of its debt into equity.
