Halcon Bankruptcy Halcon Resources Corp (NYSE:HK) announced yesterday that it is filing for Chapter 11 bankruptcy protection as part of a restructuring agreement with creditors—a move that could wipe out $1.8 billion, or 65 percent, of its debt and $222 million of preferred stock equity. The agreement would also reduce Halcon’s ongoing annual interest burden by more than $200 million. The shareholders affected by the restructuring include those holding 3rd Lien Notes due 2022, Senior Notes due 2020, Senior Notes due 2021, Senior Notes due 2022, Convertible Notes due 2020, and Perpetual Convertible Preferred Stock. The affected stakeholder would then receive shares of common stock, warrants, and/or cash. Related: Can EVs Save Electric Utilities? Halcon hopes that the restructuring agreement will be finalized soon, which will be executed as part of an “accelerated prepackaged Chapter 11 bankruptcy filing”. Halcon is expected to operate as usual during the restructuring process, […]

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