Seventy Seven Energy Secures $100M Loan to Keep on Drillin’

As we told you last week, Seventy Seven Energy–an oilfield services company with major operations in the northeast, the old Chesapeake Oilfield Operating division of Chesapeake–spun off into its own company on July 1, 2014–continues to operate in the red (see Seventy Seven Energy 1Q15: Red Ink Continues to Flow Heavy). The company has just secured a $100 million loan which, according to CEO Jerry Winchester, “strengthens our liquidity” and “provides us a greater ability to take advantage of opportunities that may arise to enhance shareholder value.” In other words, it allows them to keep the doors open…

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