45 million shares outstanding , which at one time traded at around $50/share. I think the stock now trades at around 10 cents a share, but that stock price will get crammed down further to 4% of the value of a bankrupt company. Yuck, yuck. You have to laugh or you will cry.
I can't believe that the people that lost this money want to stay in business. These people have no shame.
In the old Soviet Union, they took business people who lost money like this out and shot them. No, they didn't keep their jobs as the clowns at Swift intend.
A statement by Swiss is attached hereto.
Nine of the Company’s U.S. entities are included in the filing. This includes:
• Swift Energy Company
• Swift Energy Operating, LLC •
Swift Energy International, Inc.
• Swift Energy Group, Inc.
• Swift Energy USA, Inc.
• Swift Energy Alaska, Inc.
• GASRS LLC •
SWENCO-Western, LLC •
Swift Energy Exploration Services, Inc.
Here is the story:
Oil producer Swift Energy Co said on Monday it emerged from Chapter 11 bankruptcy, less than four months after filing for creditor protection.
Swift filed for bankruptcy on Dec. 31, joining about 40 other energy companies that entered bankruptcy in 2015 as oil prices plunged.
The company entered bankruptcy with an agreement with more than 60 percent of the holders of its unsecured bonds.
Swift had said it planned to exchange those bonds for 96 percent of its stock when it exited bankruptcy. Its shareholders were to get 4 percent of its stock.
The company said it has completed its financial reorganization, which was confirmed by the U.S. Bankruptcy Court for the District of Delaware on March 31.
(Reporting by Amrutha Gayathri in Bengaluru; Editing by Savio D'Souza)
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