Independence Contract Drilling, Inc.: going-concern / distress — Bankruptcy plan confirmed; common stock cancelled with no distribution to holders

Independence Contract Drilling, Inc.

Court confirmed Chapter 11 plan on Jan. 9, 2025; effective date targeted for Jan. 17, 2025.
All 15.1M existing common shares cancelled, extinguished; holders receive no compensation.
Noteholders get 100% of reorganized common stock (~1M shares) plus $7.5M exit term loans.
Company will file Form 15 to terminate SEC registration and stop periodic reporting on effective date.
DIP facility from Noteholders supports operations; Exit ABL and Term Loan facilities to be entered.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Independence Contract Drilling, Inc. entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas, Houston Division (petition 2024-12-02).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Southern District of Texas, Houston Division
Petition: 2024-12-02

Exact text from the filing

As previously disclosed, on December 2, 2024, Independent Contract Drilling, Inc. (the “Company” or “ICD”) and Sidewinder Drilling LLC (together with ICD, the “Debtors”) filed a petition under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the “Bankruptcy Court”, and the chapter 11 process filed at the Bankruptcy Court, the “Chapter 11 Cases”, under the caption In re Independence Contract Drilling, Inc., et al., Case No. 24-90612 (ARP)).

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Source: SEC EDGAR

accession 0001537028-25-000003

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