By April 25, 2016 Read More →

Swift Energy emerges from bankruptcy

Swift Energy filed for bankruptcy on Dec. 31, 2015

Swift Energy

Swift Energy operations are primarily focused on the Eagle Ford trend of South Texas and, to a lesser extent, the onshore and inland waters of Louisiana.  

April 25 (Reuters) – Oil producer Swift Energy Co said on Monday it emerged from Chapter 11 bankruptcy, less than four months after filing for creditor protection.

The Houston-based company filed for bankruptcy on Dec. 31, joining about 40 other energy companies that entered bankruptcy in 2015 as oil prices plunged.

Swift Energy entered bankruptcy with an agreement with more than 60 percent of the holders of its unsecured bonds.

In a press release, Chief Executive Officer Terry Swift said, “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.

Swift had said it planned to exchange those bonds for 96 percent of its stock when it exited bankruptcy. Its shareholders were to get 4 percent of its stock.

The company said it has completed its financial reorganization, which was confirmed by the U.S. Bankruptcy Court for the District of Delaware on March 31.

(Reporting by Amrutha Gayathri in Bengaluru; Editing by Savio D’Souza)

 

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