|Bid||0.0000 x 3200|
|Ask||0.0000 x 1100|
|Day's Range||0.2255 - 0.2500|
|52 Week Range||0.0310 - 3.7400|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Unit Corporation (Company) today announced that it has emerged from Chapter 11 bankruptcy protection. This marks the successful completion of the Company's financial restructuring process along with implementing the Company's Plan of Reorganization (Plan), which was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division on August 6, 2020.
Unit Corporation (NYSE- UNT) ("the Company") today announced that it has filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the "Court") to effectuate a pre-negotiated Chapter 11 plan of reorganization (the "Plan") that will reduce the Company’s funded debt obligations by more than $650 million and right-size the Company’s balance sheet for go-forward operations. The Company expects to continue to operate in the ordinary course throughout the Chapter 11 process without material disruption to its vendors, customers, or partners. Importantly, the Company’s 50%-owned midstream affiliate, Superior Pipeline Company, L.L.C. and its subsidiaries ("Superior"), is not a debtor in the Chapter 11 cases and is unaffected by the Company’s Chapter 11 filing. Additionally, the Company does not anticipate that payments to vendors and suppliers of its subsidiary Unit Drilling Company will be impacted.
Unit Corporation (the "Company" or "Unit") elected to terminate its offer to exchange (the "Exchange Offer") any and all of its outstanding 6.625% Senior Subordinated Notes due 2021 (CUSIP No. 909218AB5 / ISIN US909218AB56) (the "Old Notes") and solicitation of consents from holders of the Old Notes (the "Consent Solicitation") upon the terms and conditions set forth in the prospectus relating to the Exchange Offer and Consent Solicitation (the "Prospectus") included in Amendment No. 2 to the Registration Statement, as amended, filed with the Securities and Exchange Commission (File No. 333-234509).