Altizer named CFO amid Halcon bankruptcy

Ragan T. Altizer has been appointed executive vice-president, chief financial officer, and treasurer of Halcon Resources Corp., succeeding Quentin Hicks, who has resigned.

Ragan T. Altizer has been appointed executive vice-president, chief financial officer, and treasurer of Halcon Resources Corp., succeeding Quentin Hicks, who has resigned.

Altizer has more than 30 years of financial experience in a variety of industries. He most recently was chief financial officer of Ajax Resources LLC from October 2015 until it sold most of its assets to Diamondback Energy Inc. in October 2018.

The company entered into a restructuring support agreement on Aug. 2 and filed a prepackaged bankruptcy plan on Aug. 7. It is the second bankruptcy filing in nearly 3 years (OGJ Online, July 29, 2016).

The company received a commitment for a $35 million debtor-in-possession credit facility to fund operations during the bankruptcy process. Pursuant to the restructuring plan, Halcon will launch a $165-million equity rights offering of which $150 million is backstopped by certain bondholders. The company expects this offering to close and fund concurrent with its emergence from bankruptcy in late September or early October.

More in Personnel Moves & Promotions