(Source: Shutterstock.com, Independence Contract Drilling)
Independence Contract Drilling Inc., which has rigs in West Texas and Louisiana, has completed its Chapter 11 restructuring process, emerging as a private company, ICD said Jan. 20.
The U.S.-based onshore contract driller eliminated more than $197 million of convertible debt in the bankruptcy process. It also now holds an undrawn $30 million revolving credit facility.
“We have significantly deleveraged our balance sheet and added liquidity,” said Anthony Gallegos, ICD's president and CEO. “I am particularly pleased that, during this process, none of our unsecured creditors were impaired. With this significantly improved financial foundation, ICD is poised to meet and exceed our customer's expectations in the continually evolving U.S. land contract drilling industry."
Sidley Austin LLP served as ICD's restructuring counsel, Riveron served as ICD's restructuring adviser and Piper Sandler as ICD's investment banker. Latham & Watkins LLP served as legal counsel for the holders of convertible notes.
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