Halcón Resources Files For Bankruptcy Protection

(RTTNews) - Halcón Resources Corp. (HK), and certain of its subsidiaries, said that they had filed voluntary petitions under chapter 11 of the Bankruptcy Code to pursue a pre-packaged plan of reorganization.

Under the Restructuring Plan, the Company will eliminate approximately $1.8 billion in long-term debt and will reduce annual interest expense by more than $200 million. The Restructuring Plan also provides that existing holders of Halcón common stock will receive 4.0% of the common stock of the reorganized Company.

The company said it has been in contact with the New York Stock Exchange ("NYSE") and anticipates the continued listing of its common stock on the NYSE throughout the bankruptcy process so long as the Company continues to meet the minimum continued listing standards set forth by the NYSE.

The Restructuring Plan is expected to conclude in approximately 45-60 days. The Company plans, subject to approval by the Bankruptcy Court, to continue to pay vendors, royalty owners and other parties in ordinary course throughout the bankruptcy process.