Bankruptcy: Glendon Capital Management LP

Form Type: SCHEDULE 13D/A

Filing Date: 2025-01-22

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000110465925005306

Filing Summary: This document is Amendment No. 7 to the Schedule 13D initially filed by Glendon Capital Management LP, Christopher Sayer, and Glendon Opportunities Fund II, L.P. It updates the prior filings to reflect changes in holdings due to the completion of a Reorganization Plan. The Bankruptcy Court confirmed the Reorganization Plan on January 9, 2025, and it became effective on January 17, 2025, marking the Issuer's emergence from Chapter 11 bankruptcy. The holders of Notes, including Glendon Opportunities Fund II, received their pro rata share of 100% of the new common stock of Reorganized Independence Contract Drilling, Inc. in exchange for the cancellation of their Notes. Specifically, G2 received approximately 49.9% of the shares of the New Common Stock as a result of this cancellation. Post-Effective Date, the company plans to operate as a private entity and terminate its reporting obligations under the Exchange Act. The amendments reflect that as of January 17, 2025, all Reporting Persons own no shares of the common stock.