Halcon Resources Corp., Houston, has entered a restructuring-support agreement with holders of some of its debt that, if implemented, would eliminate about $1.8 billion of net debt and $222 million of preferred equity and cut its interest burden by more than $200 million/year.
If it receives the needed approvals, the company will make a prepackaged filing for voluntary bankruptcy. It has no requirement to file for bankruptcy if it doesn’t receive the approvals.
Halcon will operate as usual during restructuring.