Halcon Resources Corp., the oil and gas explorer founded by famed wildcatter Floyd Wilson, plans to file for its second bankruptcy in three years after it failed to cut enough debt to survive a tough energy environment.
The Houston-based company will file for Chapter 11 with a restructuring agreement that would cut $750 million of debt and $40 million in annual interest, and is supported by holders of about 67% of its 2025 notes, according to a statement released late Friday, Aug. 2.
Its note holders would receive 91% of the shares in the reorganized company under the plan, with ...
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