Halcón Resources Corp. has emerged from bankruptcy under Chapter 11 bankruptcy. By successfully completing its financial restructuring,  Halcón said it eliminated more than $750 million in debt and more than $40 million of annual interest expense, significantly enriching its financial condition.

Halcón said it in a press release it has $147 million in availability under its new senior secured revolving credit facility, including $3 million in cash, $1 million in outstanding letters of credit and $130 million of borrowing, resulting in 1.3x total net leverage (net debt/LTM EBITDA). It has 16,204,282 shares of common stock outstanding and is governed by a board of directors comprised of Richard Little, Halcón's CEO, William Transier, chairman of the board, William Carapucci, David Chang, Scott Germann, Gregory Hinds and Allen Li.

"I'm excited to announce our emergence from bankruptcy under Chapter 11. This has been the culmination of a lot of hard work from the entire team, including our legal and financial advisors. I especially want to thank our former board members for their role in making the financial restructuring a success,” Little said in a statement. “I am eager to begin working with our new board as we continue to implement a culture of capital discipline in the safe development of our asset base. We remain focused on creating value and enhancing the financial flexibility we have achieved in this process." 
Halcón also announced the appointment of Daniel P. Rohling as executive vice president and COO, effective Oct. 8,  Rohling replaces Jon Wright, who previously served in that role. Rohling has approximately 15 years of oil and gas operations experience and was most recently the asset vice president at Ajax Resources LLC until it sold substantially all of its assets to Diamondback Energy, Inc. in October 2018 for $1.2 billion. Rohling began his career at EP Energy Corp. as an engineer and held various roles in operations, reservoir engineering, business development and management. As the business area manager, Rohling was ultimately responsible for the development of over 350 wells in EP's shale play covering over 180,000 net acres in the Permian before his tenure at Ajax.

Perella Weinberg Partners and Tudor Pickering Holt & Co. acted as financial advisors, Weil, Gotshal & Manges LLP acted as legal counsel and FTI Consulting Inc. acted as restructuring advisor to the Halcón in connection with the plan of reorganization. Ducera Partners LLC acted as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison acted as legal advisor to holders of the Halcón’s prepetition senior notes.