Seventy Seven Energy

The firm was co-counsel to the term loan lenders group in the chapter 11 prepackaged bankruptcy of Seventy Seven Energy, an oil-field services provider. Seventy Seven Energy filed for bankruptcy protection in June 2016 with debt of more than $1 billion. The company’s reorganization plan was confirmed by the U.S. Bankruptcy Court for the District of Delaware in less than two months after the bankruptcy filing. The reorganization plan effectuated a balance sheet restructuring that resulted in a conversion of approximately $1.1 billion of prepetition debt into equity.