HOUSTON — Swift Energy Co. has emerged from Chapter 11 bankruptcy after restructuring its debt and selling off oil and gas property in Louisiana, the company said Monday.
With $1.2 billion in debt, the Houston company was the last U.S. driller in 2015 to seek Chapter 11 bankruptcy protection, and it’s one of the first to come out of it so far. It took less than four months for the company to work through its bankruptcy proceedings.
Swift, founded in 1979, was proceeded in its bankruptcy filing last year by 41 other producers, and so far this year, 21 more drillers have filed, according to Dallas law firm Haynes & Boone.
Swift, which drills for oil in the Eagle Ford Shale in South Texas, said it acquired $320 million in new debt from its lenders and sold off thousands of acres of oil and gas land in Louisiana to Houston-based TEXEGY for an undisclosed price.
“With our emergence comes a new era for Swift,” CEO Terry Swift said in a written statement. “Through this restructuring, we have developed a more disciplined, efficient organization and greatly improved our balance sheet.”