Bankruptcy: Independence Contract Drilling, Inc.

Form Type: SCHEDULE 13D/A

Filing Date: 2025-01-22

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000095017025007978

Filing Summary: On January 17, 2025, Independence Contract Drilling, Inc. (the "Issuer") emerged from Chapter 11 bankruptcy following the confirmation of its Reorganization Plan by the Bankruptcy Court on January 9, 2025. As part of this plan, the Issuer's common stock was cancelled, and the company intends to operate as a private entity going forward, de-registering its existing equity securities and terminating its reporting obligations under the Securities Exchange Act of 1934. The Issuer will issue new common stock on or after this effective date; however, this new stock is not expected to be listed on any national securities exchange. The Reporting Persons received 50.1% of the new common stock in exchange for their canceled convertible notes, and each Reporting Person subsequently holds no shares and ceased to have beneficial ownership of more than five percent of the Issuer's securities.

Form Type: 15-12G

Filing Date: 2025-01-17

Corporate Action: Bankruptcy

Type: New

Accession Number: 000153702825000005

Filing Summary: On December 2, 2024, Independence Contract Drilling, Inc. and its subsidiary initiated voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code. The U.S. Bankruptcy Court for the Southern District of Texas confirmed the Company's First Amended Joint Prepackaged Plan of Reorganization on January 9, 2025. This Plan became effective on January 17, 2025, resulting in the cancellation and termination of all shares of common stock and other equity in the Company.

Form Type: 8-K

Filing Date: 2025-01-15

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000153702825000003

Filing Summary: Independence Contract Drilling, Inc. filed for Chapter 11 bankruptcy on December 2, 2024, operating as a debtor-in-possession. On January 9, 2025, the Bankruptcy Court confirmed the First Amended Joint Prepackaged Plan of Reorganization, targeting an effective date of January 17, 2025. The plan includes the cancellation of common stock, with noteholders receiving new common stock of the reorganized entity. All existing equity will be extinguished without compensation. The plan outlines provisions for secured claims, general unsecured claims, and a $7,500,000 Exit Facility Term Loan. The company plans to file Form 15 with the SEC to terminate the registration of its common stock upon the effective date, ceasing further filings under the Exchange Act.