Halcon Resources Strikes Deal to File Chapter 11 Bankruptcy

Halcon ResourcesAs MDN told you in May, Halcon Resources, a Utica Shale driller that “guessed wrong” by leasing 140,000 Utica Shale acres in the northern part of the play (in Ohio) and currently doesn’t drill on any of that acreage, is preparing to file for bankruptcy (see Another One Bites the Dust: Halcon Resources Filing for Bankruptcy). The company is still preparing. On Friday Halcon outlined how they will go about filing–converting some $1.8 billion of debt into shares of stock/ownership in the company. Here are the specifics of how Halcon will file in the near future, the agreements they have and still seek to reach with existing debtholders…

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