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Swift Energy emerges from bankruptcy

Published 2016-04-25, 07:16 a/m
© Reuters.  Swift Energy emerges from bankruptcy
SFYWQ
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April 25 (Reuters) - Oil producer Swift Energy Co SFYWQ.PK
said on Monday it emerged from Chapter 11 bankruptcy, less than
four months after filing for creditor protection.
Swift filed for bankruptcy on Dec. 31, joining about 40
other energy companies that entered bankruptcy in 2015 as oil
prices plunged.
The company entered bankruptcy with an agreement with more
than 60 percent of the holders of its unsecured bonds.

Swift had said it planned to exchange those bonds for 96
percent of its stock when it exited bankruptcy. Its shareholders
were to get 4 percent of its stock.
The company said it has completed its financial
reorganization, which was confirmed by the U.S. Bankruptcy Court
for the District of Delaware on March 31.

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