HOUSTON, Sept. 09, 2016 (GLOBE NEWSWIRE) -- Halcón Resources Corporation (NYSE:HK) announced it has completed its financial restructuring and has emerged from its pre-packaged chapter 11 bankruptcy cases. All of the conditions under its Plan of Reorganization, which was confirmed by the US Bankruptcy Court for the District of Delaware on September 8, 2016, have been satisfied or otherwise waived in accordance with the terms of the Restructuring Plan.

Approximately $1.8 billion of the Company’s debt has been eliminated under the Restructuring Plan along with more than $200 million of annual interest expense going forward. The table below summarizes Halcón’s pro forma capital structure as of June 30, 2016.

As part of the emergence, Halcón’s $600 million debtor-in-possession credit facility was converted into a $600 million reserve-based senior revolving credit facility. The first borrowing base redetermination is scheduled for May of 2017.

In accordance with the Restructuring Plan, the terms of the Company’s previous Board of Directors expired and a new Board of Directors was appointed. The new Board of Directors consists of nine members including: Floyd Wilson, Jim Christmas, Tom Fuller, Nate Walton, Darryl Schall, Eric Takaha, Michael Clark, Ronald Scott and William Campbell. Background information on the new directors is available on the Company’s website.

The Company has also posted a new investor presentation to the investor relations section of its website.

PJT Partners served as Halcón’s financial advisor and Weil, Gotshal & Manges, LLP acted as legal advisor to the Company in relation to the Restructuring Plan and the chapter 11 cases.

About Halcón Resources

Halcón Resources Corporation is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States.

For more information contact Quentin Hicks, Senior Vice President of Finance & Investor Relations, at 832-538-0557 or qhicks@halconresources.com.