Swift Energy becomes 40th North American driller in bankruptcy

http://fuelfix.com/blog/2016/01/02/swift-energy-becomes-40th-north-american-driller-in-bankruptcy/

In a restructuring deal subject to bankruptcy court approval, Swift has agreed with its creditors to convert its senior debt to equity. Company officials were not immediately available for comment on Saturday.
Swift, which pumps oil in the Eagle Ford Shale in South Texas and in Louisiana fields, listed about $1 billion in assets and $1.35 billion in debt. The company’s third-quarter revenues sank 55 percent from the same period the prior year, and it posted a $354.6 million net loss from July to September, mostly because it had to write down the value of its oil and gas properties. In November, lenders cut $45 million from Swift’s $375 million borrowing base. The company said it has 228 employees.