On December 31, 2015, Swift Energy Company and certain of its affiliates (collectively, “Swift” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware in Wilmington. According to the declaration of Swift’s Chief Restructuring Officer, Dean E. Swick (the “Swick Declaration”), Swift entered into a restructuring support agreement with creditors holding more than 50% of its senior unsecured notes. The agreement contemplates a plan which swaps the $905.1 million senior notes for equity in the reorganized Swift. See Swick Declaration at 39-41.
Swift engages in the exploration and development of oil and gas properties; its core areas are in the Eagle Ford play in south Texas and onshore and inland waters of Louisiana. See Swick Declaration at 7.
Swift’s liabilities total approximately $1.2 billion which includes (i) $330 million owed pursuant to a 2010 Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, (ii) $905.1 million owed on account of three series of senior, unsecured notes with Wilmington Trust, National Association as indenture trustee, (iii) $50 million owed to trade creditors in the ordinary course of business. See Swick Declaration 22-29.
The Debtors are seeking to have their bankruptcy cases jointly administered under the lead bankruptcy case In re Swift Energy Company, et al., Case No. 15-12670.
A copy of the Swick Declaration can be accessed here: Download Swick Declaration.
For further information, please contact a Thompson & Knight Bankruptcy and Restructuring Attorney.
For more information on the Thompson & Knight’s Bankruptcy and Restructuring Practice, please visit www.tklaw.com/bankruptcy-and-restructuring/.