Independent energy company Halcón Resources Corp. has completed its financial restructuring, resulting in the elimination of more than $750 million in debt.
Effective at emergence, the company has $147 million in availability under a new revolver credit facility, which includes $3 million in cash, $1 million in outstanding letters of credit and $130 million of borrowing, according to an Oct. 8 release. The restructuring also eliminated over $40 million in annual interest expense.
Halcón will be led by a board composed of CEO Richard Little, Board Chairman William Transier and members William Carapucci, David Chang, Scott Germann, Gregory Hinds and Allen Li.
In addition, Halcón appointed Daniel Rohling as its executive vice president and COO, effective Oct. 8. Rohling replaces Jon Wright, who previously held the position.
In early August, Halcón and its subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas to pursue a prepackaged plan of reorganization.
Perella Weinberg Partners and Tudor Pickering Holt & Co. acted as financial advisers, Weil Gotshal & Manges LLP acted as legal counsel and FTI Consulting Inc. acted as the company's restructuring adviser in connection with the plan of reorganization.
