November 3, 2018 / 12:24 AM / 18 days ago

Energy industry recovery cannot save Dixie Electric from Ch. 11

Dixie Electric LLC, which provides electrical infrastructure and services to oil and gas drilling sites, sought Chapter 11 bankruptcy protection on Friday, having reached a deal with lenders to wipe out its roughly $300 million in debt.

In papers filed in U.S. Bankruptcy Court in Delaware, Dixie said it has a restructuring support agreement backed by slightly more than two-thirds of its secured lenders and an unsecured lender to swap the debt for equity after it reorganizes.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2Pzpoyw

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