Halcon Resources (HK) Files Chapter 11 Bankruptcy
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Halcón Resources Files for Court Approval of Prepackaged Restructuring Plan
July 28, 2016 7:00 AM UTCHouston, Texas, July 28, 2016 (GLOBE NEWSWIRE) -- Halcón Resources Corporation (NYSE: HK) (Halcón or the Company), and certain of its subsidiaries, today announced that they had filed voluntary petitions under chapter 11 of the Bankruptcy Code to pursue a prepackaged plan of reorganization in accordance with its previously announced comprehensive balance sheet restructuring efforts (the Restructuring Plan).
Under the Restructuring Plan, the Company will eliminate approximately $1.8 billion in long-term debt and will reduce annual interest expense by more than $200 million. The Restructuring Plan also provides that existing holders of Halcón common stock will receive... More
