Oil-field-services provider Seventy Seven Energy Inc. is preparing to get out of bankruptcy after a judge agreed to approve a reorganization plan that would give the Oklahoma company access to up to $100 million in a new borrowing deal, the Wall Street Journal reported today. Bankruptcy Judge Laurie Selber Silverstein said in court yesterday that she would give Seventy Seven Energy permission to put its reorganization plan into action. The plan would allow bondholders owed $1.1 billion to take over most of the ownership in the company, which provides drilling, hydraulic fracturing and oilfield-rental services to exploration and production companies. Under the company’s reorganization plan, its unsecured debt would be fully paid. Shareholders would receive warrants for 20 percent of new common stock. Seventy Seven Energy filed for bankruptcy on June 7, facing roughly $1.7 billion in debt.
