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

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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...

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