---
schema_version: "secwatch.filing_event.v1"
accession: "0001537028-25-000003"
form_type: "8-K"
ticker: null
cik: "0001537028"
company_name: "Independence Contract Drilling, Inc."
filed_at: "2025-01-15T23:59:59+00:00"
generated_at: "2026-05-28T01:05:00.520169+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Bankruptcy plan confirmed; common stock cancelled with no distribution to holders

## Summary
- 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.

## SEC filing metadata
- accession: 0001537028-25-000003
- form_type: 8-K
- cik: 0001537028
- company_name: Independence Contract Drilling, Inc.
- filed_at: 2025-01-15T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1537028/000153702825000003/0001537028-25-000003-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1537028/000153702825000003/icdi-20250109x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001537028-25-000003
- JSON: https://secwatch.observer/filing/0001537028-25-000003.json
- Plain text: https://secwatch.observer/filing/0001537028-25-000003.txt

## Key facts
- Distress & Bankruptcy
  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
  source text: 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)).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1537028/000153702825000003/0001537028-25-000003-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.