Sidley successfully guided Independence Contract Drilling, Inc. (formerly NYSE: ICD) through its fast and efficient Chapter 11 deleveraging transactions, equitizing approximately US$200 million of secured debt, deleveraging the balance sheet, maintaining all trade relations, and confirming its Plan of reorganization for emerging with a strong future and fresh credit facilities. On January 9, 2025, overruling objections filed by the U.S. Trustee, the Securities and Exchange Commission, and certain public shareholders, the bankruptcy court confirmed the Debtors' First Amended Plan of Reorganization only one month after the initiation of the Chapter 11, which including the deleveraging transactions of secured debt and the maintenance of the enterprise with robust releases. On January 20, 2025, ICD announced that its Chapter 11 restructuring process has concluded and it has emerged as a private company with extensive new credit to grow. Anthony Gallegos, ICD’s President and CEO, highlighted improvements to the company’s operational structure and financial foundation, calling ICD “poised to meet and exceed our customer’s expectations in the continually evolving U.S. land contract drilling industry.”
Duston McFaul and Maegan Quejada led the Sidley cross-office Restructuring team, which included Michael Sabino, Amanda Rahie, Francesca Sadler, and Ishani Patel, while David Buck led the corporate workstreams and Brian Minyard and Ryan Hunsaker led the assistance with the exit credit facilities (all Energy and Infrastructure).
