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Unit Corporation Successfully Completes Financial Restructuring

Unit Corporation Successfully Completes Financial Restructuring Background Decorative Image

Vinson & Elkins advised Unit Corporation and certain subsidiaries (collectively, “Unit”) in connection with its successful financial restructuring under chapter 11 of the Bankruptcy Code and the implementation of its plan of reorganization, which was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division on August 6, 2020. The key terms of the plan of reorganization include, among others, an elimination of more than $650 million of funded debt through a debt-for-equity exchange with the holders of Unit’s previous 6.625% senior subordinated notes, a conversion of its existing credit facility into a new $140 million reserve-based lending revolving loan and $40 million term loan and a significant reduction in unsecured debt liabilities. Unit announced its emergence from chapter 11 bankruptcy protection on September 3, 2020.

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