Halcon Resources Corp. has emerged from bankruptcy, eliminating more than $750 million of debt and over $40 million in annual interest expenses to give it a better financial foothold, naturalgasintel.com reported. With its exit from chapter 11, the Houston-based independent energy producer said that it has $147 million available under its new senior secured revolving credit facility, including $3 million in cash, $1 million in letters of credit and $130 million of borrowing. The company also has more than 16 million shares of common stock outstanding. Halcon, which also filed for chapter 11 in 2016, sought restructuring in August after exploring its strategic options earlier this year. The company’s review began after long-time CEO Floyd Wilson and other executives left the company. With restructuring complete, the company has appointed Daniel P. Rohling as COO and executive vice president, replacing Jon Wright. Rohling most recently was asset vice president at Ajax Resources LLC until it sold most of its assets in 2018 to Diamondback Energy Inc.
