secwatch.observer — SEC 8-K summary
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Issuer:     Independence Contract Drilling, Inc. (—)
CIK:        0001537028
Form:       8-K
Filed at:   2024-12-05T23:59:59+00:00
Accession:  0001537028-24-000061
Event type: other_material
Sentiment:  negative
Materiality: 1.00
Item codes: 1.01, 2.03, 3.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Independence Contract Drilling files Ch. 11 bankruptcy, secures $32.5M DIP financing, stock moved to OTC Pink
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- Filed voluntary Chapter 11 petition on Dec 2, 2024 in Southern District of Texas.
- Bankruptcy court approved up to $32.5M DIP facility from Glendon Capital and MSD Partners on Dec 4, 2024.
- DIP loans bear interest at SOFR + 4.00%, mature 90 days post-petition or on earlier trigger events.
- Common stock (ICDIQ) delisted from OTCQX; began trading on OTC Pink market on Dec 4, 2024.
- Company will operate as debtor-in-possession under court jurisdiction; subsidiary Sidewinder Drilling LLC guarantees facility.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1537028/000153702824000061/0001537028-24-000061-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1537028/000153702824000061/icdi-20241203x8k.htm
  HTML page:      https://secwatch.observer/filing/0001537028-24-000061

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