Swift Energy Emerges From Bankruptcy

Swift Energy Emerges From Bankruptcy
Swift Energy says it emerged from Chapter 11 bankruptcy, less than four months after filing for creditor protection.

Reuters

April 25 (Reuters) - Oil producer Swift Energy Co said on Monday it emerged from Chapter 11 bankruptcy, less than four months after filing for creditor protection.

Swift filed for bankruptcy on Dec. 31, joining about 40 other energy companies that entered bankruptcy in 2015 as oil prices plunged.

The company entered bankruptcy with an agreement with more than 60 percent of the holders of its unsecured bonds.

Swift had said it planned to exchange those bonds for 96 percent of its stock when it exited bankruptcy. Its shareholders were to get 4 percent of its stock.

The company said it has completed its financial reorganization, which was confirmed by the U.S. Bankruptcy Court for the District of Delaware on March 31.

(Reporting by Amrutha Gayathri in Bengaluru; Editing by Savio D'Souza)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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