Seventy Seven Energy Inc. has completed its prepackaged restructuring and emerged from chapter 11 protection, the Tulsa (Okla.) World reported yesterday. The Oklahoma City-based oil-field services company said that it converted $1.1 billion in debt into equity. The bankruptcy process was completed with no disruption to employees, customers, suppliers or operations, the company said. Seventy Seven filed for bankruptcy protection on May 8 with $1.73 billion in debt and $1.78 billion in assets, according to bankruptcy filings. Under terms of the prepackaged reorganization plan, Seventy Seven's previous common shares were canceled. Read more.
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