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Independence Contract Drilling (ICDI) has announced a comprehensive restructuring plan unanimously supported by its Senior Secured PIK Toggle Notes holders. The plan includes a pre-packaged Chapter 11 filing to substantially reduce debt and enhance financial flexibility. Key elements include: $32.5 million in DIP financing, $40 million in exit financing, and the conversion of approximately $199.3 million of Noteholder claims into equity. The restructuring will result in the cancellation of existing common stock, while ensuring continued normal business operations, including payments to vendors and employees.
Independence Contract Drilling (ICD) has announced that its Common Stock will begin trading on the OTCQX Best Market under the ticker symbol 'ICDI' on August 29, 2024. This move from the New York Stock Exchange (NYSE) is due to the company's average market capitalization falling below the required $15 million threshold over a 30 trading-day period. ICD provides land-based contract drilling services for oil and natural gas producers in the United States, operating a fleet of pad-optimal ShaleDriller rigs designed to accelerate clients' production profiles and cash flows from technically demanding and economically impactful properties.
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