Sidley is representing Independence Contract Drilling, Inc. (formerly NYSE: ICD) with respect to its Chapter 11 cases filed on December 2, 2024 in the U.S. Bankruptcy Court for the Southern District of Texas. ICD, a Texas-headquartered oil and gas drilling services provider, already received court approvals for US$32.5 million of incremental DIP financing, and the case includes a prepackaged Chapter 11 plan to equitize over US$200 million of ICD’s debt in an intended go-private transaction to emerge from bankruptcy protection early next year. One hundred percent of ICD’s Noteholders already voted in favor of the plan, a plan which converts their holdings to equity, cancels existing equity, and intends to pay trade vendors and unsecured creditors in full. Articles that discussed the representation have been published by the ABF Journal, The Texas Lawbook, Global Legal Chronicle, The Deal, Law360, The Wall Street Journal, and other media outlets.
The Restructuring team consists of Duston McFaul, Maegan Quejada, Michael Sabino, Amanda Rahie, Francesca Sadler, and Ishani Patel; and the Corporate team consists of David Buck and Nick Kalina.
