Oil field services company Seventy Seven Energy Inc. filed for bankruptcy protection Tuesday with a plan to eliminate more than $1 billion in debt and hand control of the business to its bondholders. The Oklahoma City company, spun off from Chesapeake Energy Corp. CHK 2.19 % in 2014, is the latest victim of the downturn in oil and natural gas prices, which has claimed dozens of companies in the oil patch since the start of last year. The company filed for protection in U.S. Bankruptcy Court in Wilmington, Del., with a “prepackaged” chapter 11 plan after garnering support from its creditors to support the restructuring proposal. Such preapproved plans are becoming increasingly popular with companies and investors, who want to minimize the time and expense of chapter 11 balance sheet restructuring. “The successful completion of the solicitation process and today’s filing represent the next step forward in our financial […]