New Delaware Chapter 11 Filing – Seventy Seven Finance Inc.
Seventy Seven Finance Inc. and ten of its affiliates, including Seventy Seven Energy, Inc. (OTC: SSEI), which own and operate a diversified oilfield services business, have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code before the United States Bankruptcy Court for the District of Delaware (Lead Case No. 16-11409 LSS)). The Honorable Laurie Selber Silverstein will preside over these cases. The debtors will be filing a pre-packaged plan of reorganization. The petitions (including the consolidated list of top 30 creditors) and the docket are available through Prime Clerk. The debtors have issued a press release and established a website regarding their reorganization.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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