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Halcon Resources announced on May 18, 2016, the company reached an agreement with shareholders and bondholders to enter into a pre-packaged Chapter 11 filing.

"The restructuring plan, if implemented, will result in the elimination of approximately $1.8 billion of debt and approximately $222 million of Preferred Equity, and will reduce the company's ongoing annual interest burden by more than $200 million," the company said in a statement.

The Houston oil producer, which drills in North Dakota and Texas, said its prepackaged deal with cred...

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