Independence Contract Drilling, INC 8-K filings
Current reports — the filing a company makes when something happens that shareholders need to know about before the next quarterly report.
8-K: Independence Contract Drilling Files Chapter 11 Bankruptcy, Secures $32.5 Million in DIP Financing
Independence Contract Drilling, Inc. and its subsidiary Sidewinder Drilling LLC have filed for Chapter 11 bankruptcy, securing a $32.5 million debtor-in-possession financing facility to continue operations and facilitate restructuring.
Independence Contract Drilling has initiated a prepackaged Chapter 11 bankruptcy process to equitize its convertible notes and restructure debt, aiming to strengthen its balance sheet and position the company for long-term growth.
Independence Contract Drilling, Inc. has entered into a subscription agreement for a $7.5 million private placement of convertible secured notes to bolster working capital.
Independence Contract Drilling has entered into a limited waiver agreement with noteholders, temporarily waiving certain obligations related to its convertible notes and board composition.
Independence Contract Drilling has announced the resignation of two board members and the appointment of a new independent director, Steven R. Strom, effective September 6, 2024.
Independence Contract Drilling has been delisted from the New York Stock Exchange due to failing to meet minimum market capitalization requirements and will begin trading on the OTCQX Best Market on August 29, 2024.
Independence Contract Drilling reported a net loss of $16.7 million for the second quarter of 2024, impacted by industry challenges and rig churn.
8-K: Independence Contract Drilling Holds 2024 Annual Meeting, Elects Directors and Ratifies Auditors
Independence Contract Drilling successfully held its 2024 Annual Meeting, electing all director nominees and ratifying the appointment of Moss Adams LLP as independent auditors.
Independence Contract Drilling reported a net loss of $9.0 million for the first quarter of 2024, but exceeded expectations due to strong cost control and operational changes.
8-K: Independence Contract Drilling Amends Capital Expenditure Covenant and Reports Mixed Q4 2023 Results
Independence Contract Drilling amended its capital expenditure limits for 2024 and 2025 and reported a net loss for the fourth quarter of 2023, despite increased rig activity.