On New Year's Eve 2015, Swift Energy Company and 8 affiliates filed a voluntary petition commencing a prepackaged chapter 11 case in the United States Bankruptcy Court for the District of Delaware.  The case is docketed as case no. 15-12670, and has been assigned to The Honorable Mary F. Walrath.  The petition lists assets of $1.024 billion and liabilities of $1.349 billion.

The debtors also filed the Declaration of Dean E. Swick in support of the petition and other first-day motions.  According to the Swick declaration, the steep decline in crude oil and natural gas prices that began in 2014 has adversely affected the debtors' liquidity and balance sheet to the point that a restructuring has become necessary.

Mr. Swick indicates in his declaration that the debtors and a group of noteholders have entered a Restructuring Support Agreement where they have agreed on the material terms of a restructuring providing that the noteholders will exchange approximately $905.1 million of debt for 96% of the common stock of the reorganized debtors, with 4% of the stock and certain warrants reserves for existing equity holders, with all other debt of the company (subject to negotiation) being reinstated or paid in full.  More information about the prepackaged bankruptcy is set forth in the declaration and in the plan and disclosure statement filed with the petition.