S&P Downgrades Seventy Seven Energy (SSE) to 'CC'; Outlook Negative
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Seventy Seven Energy Inc. Enters into Restructuring Support Agreement
April 19, 2016 8:30 AM EDT$1.1 Billion of Existing Debt to be Converted into New Common Equity Trade Creditors, Suppliers and Contractors to be Paid in Full in the Ordinary Course Customer Contracts to Continue Uninterrupted
OKLAHOMA CITY--(BUSINESS WIRE)-- Seventy Seven Energy Inc. (the Company), today announced that it has entered into a Restructuring Support Agreement (the Agreement) with certain lenders (the Incremental Term Loan Lenders) representing 92.0% of the outstanding principal amount under the Companys Incremental Term Supplement (Tranche A) loan and certain noteholders (the Consenting 2019 Noteholders) collectively owning or controlling in... More
