Houston-primarily based Halcón Resources Corp. Introduced after markets closed Oct. 8 that it had emerged from bankruptcy.
The upstream power enterprise’s monetary restructuring removed more than $750 million in debt and extra than $forty million of annual hobby expense, in line with an Oct. Eight press launch. Halcón reported almost $1.Eight billion in total property and nearly $945.2 million in overall debts as of March 31 whilst it filed for Chapter 11 financial ruin safety on Aug. 7. At the time, the organization expected to emerge within 60 days thanks to its formerly introduced restructuring guide settlement.
Halcón now has $147 million in availability under its new senior secured revolving credit facility, which includes $three million in coins, $1 million in awesome letters of credit score and $130 million of borrowing, in step with the Oct. Eight launch. This was Halcón’s 2nd Chapter eleven bankruptcy in 3 years.
Additionally, Halcón named a new board of directors and a new COO.
The new Halcón board of director will encompass CEO Richard Little in addition to:
William Transfer, chairman
Daniel Rohling changed into named executive VP and COO, powerful Oct. Eight. He replaces Jon Wright, whose employment with Halcón ended Sept. 30, in keeping with a previous filing with the U.S. Securities and Exchange Commission. In the identical filing, Halcón disclosed that David Elkouri, executive vice-chairman and leader legal officer, would leave on the later of both the quit of the organization’s financial disaster or Dec. 31. Both are receiving severance.
Rohling has approximately 15 years of oil and gas operations experience. He began his profession as an engineer at Houston-based totally EP Energy Corp. Earlier than retaining other positions with the company and maximum these days serving as asset vice president at Houston-based Ajax Resources LLC. Midland, Texas-based totally Diamondback Energy Inc. (Nasdaq: FANG) sold Ajax overdue ultimate year in a coins-and-inventory deal valued at $1.2 billion as of August 2018.
Little, who changed into named CEO of Halcón in June, and Ragan Altizer, who turned into appointed CFO in August, also come from Ajax, wherein they served as CEO and CFO, respectively. At Halcón, Little replaced founder Floyd Wilson, and Altizar is the corporation’s third CFO of the yr.
“I even have labored with Danny for over 12 years and appreciate the price he brings to an organization like Halcón,” Little stated inside the launch. “He has an incredible tune file of turning in consequences thoroughly and efficaciously with a focus on capital discipline and universal software economics. I am looking forward to leveraging his capabilities as a tested chief with a strong technical and operational attitude with our group right here at Halcón.”
Halcón’s restructuring advisers had been Perella Weinberg Partners and Tudor Pickering Holt & Co. As economic advisers, Weil, Gotshal & Manges LLP as criminal recommend and FTI Consulting Inc as restructuring adviser. Ducera Partners LLC acted as financial adviser to holders of the corporation’s prepetition senior notes, with Paul, Weiss, Rifkind, Wharton & Garrison acting as legal adviser to the noteholders.