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.


(Reporting by Swetha Gopinath in Bengaluru; Editing by Anil D'Silva)