Seventy Seven Energy Inc. entered into a second amended and restated restructuring support agreement related to term loans, the company said May 13.
Certain lenders represent the full outstanding principal amount under the incremental term supplement for the Tranche A loan.
Certain lenders represent about 86% of the outstanding principal amount of loans under the $400 Million term loan credit agreement from June 25, 2014.
Certain noteholders own or control about 63% of the outstanding principal amount of the 6.625% senior unsecured notes due 2019, and certain noteholders own or control more than 50% of the principal amount of the 6.50% senior unsecured notes due 2022.
The second support agreement supersedes the previously amended and restated agreement dated May 3.
Under this newest, second agreement, the consenting 2022 noteholders as parties to the agreement, must support the consensual joint prepackaged plan of reorganization to be filed under Chapter 11 of the United States Bankruptcy Code.
In exchange for their support, the consenting 2022 noteholders, will, among other things, be entitled to a appoint a board observer and consultation rights with respect to the appointment of independent members of the reorganized board of directors.
Seventy Seven Energy Inc. is based in Oklahoma City.
Recommended Reading
FTC Bars Hess CEO From Chevron Board Seat as Condition of Deal, Say Sources
2024-09-26 - U.S. antitrust regulators will bar Hess Corp. CEO John Hess from taking a board seat as a condition of its go-ahead of oil producer Chevron Corp.'s $53 billion purchase of Hess.
Mexico Pacific Signs Long-term SPA with Korea’s POSCO International
2024-08-29 - Mexico Pacific and Korea’s POSCO International Corp. signed a 20-year sales and purchase agreement for the Asian company to acquire 0.7 mtpa of LNG from the proposed the Saguaro Energía LNG facility on Mexico’s Pacific Coast.
Pitts: Oh, What a Tangled Web the Supermajors Weave
2024-07-23 - Exxon and Chevron and Guyana and Venezuela—‘Let’s Make A Deal’ meets ‘Love, South American Style.’