Another Houston upstream company prepares to file Chapter 11

HoustonBusinessnews46Another Houston company is going to seek assistance from the government as it prepares to file Chapter 11 bankruptcy protection. Halcon Resources Corp. aims to remove their $1.8 billion debt and the $222 million preferred equity to lessen their financial burden. They aim to also gain an agreement that would allow them to restructure their financial system, discussing it with affected stakeholders once Chapter 11 is filed. The company also aims to pay all its suppliers and vendors and proceed with its normal operations despite the Chapter 11 filing. Halcon joins 35 other energy producers announcing bankruptcy this year with Linn Energy LLC reporting a debt of over $8.28 billion.

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