Swift Energy Company emerges from bankruptcy

Swift Energy sells assets in Central Louisiana to TEXEGY LLC.

Swift

Terry E. Swift (center), Chief Executive Officer

HOUSTON, Texas – Swift Energy Company says it has completed its financial restructuring and has emerged from Chapter 11.

The company said in a press release that it has concluded its reorganization after completing all required actions and satisfying the remaining conditions to its Plan of Reorganization, which was confirmed by the US Bankruptcy Court for the District of Delaware by order dated March 31.

In conjunction with its emergence from Chapter 11, Swift Energy closed on its new $320 million senior secured credit facility and on its sale of assets in Central Louisiana to TEXEGY LLC.

“We are pleased to announce the successful completion of our financial restructuring in a relatively prompt timeframe. Through this restructuring, we have developed a more disciplined, efficient organization and greatly improved our balance sheet,” said CEO Terry Swift.

“Our noteholders’ continued support and willingness to invest in our company were critical to our emergence as was the agreement by our reserve-based lenders to provide the financing we needed to exit Chapter 11 and operate our business into the future.”

Swift is confident the agreement marks a new era for Swift and says the management team is excited to have the bankruptcy process process behind it.

“We face the future with a renewed sense of energy and enthusiasm and look forward to working with our new board of directors and investor base to execute on our strategic plans,” said Swift.

Posted in: Energy Financial

Post a Comment