Seventy Seven Energy 2Q16: Shed $1B Debt, Lost $84.5M

SSE logoEarlier this month MDN reported that oilfield services company Seventy Seven Energy (SSE), the former Chesapeake Oilfield Operating company, had popped out of bankruptcy in record time–just two months after declaring bankruptcy (see Seventy Seven Energy Pops Out of Chapter 11 Bankruptcy in 2 Mos.). The bankruptcy reduced more than $1 billion worth of debt by waving a magic wand and turning debt into equity (shares of stock)–hosing existing stockholders. We also reported SSE was cleared to borrow another $100 million (go figure). Last week SSE released their second quarter 2016 update. It shows the company lost $84.5 million in 2Q16, compared to losing $74.7 million in 2Q15. Here’s the SSE 2Q16 update…

Please Login to view this content. (Not a member? Join Today!)
Password Reset
Please enter your e-mail address. You will receive a new password via e-mail.