Houston-based Independence Contract Drilling and its affiliated company, Sidewinder
Drilling, filed for Chapter 11 bankruptcy protection late Monday in the Southern District of
Texas.
Citing assets and liabilities between $100 million and $500 million, Independence officials
submitted a prepackaged plan that the company states has been approved by all of its
creditors and “is expected to substantially reduce ICD’s debt and provide increased
financial flexibility.”
In its bankruptcy petition, ICD states that “debtor-in-possession financing facility [has
been] provided by the Noteholders consisting of up to $32.5 million to support the
company’s ongoing operations and obligations and repay outstanding revolving credit
obligations, vendors and employees.”
ICD does not have a general counsel but its chief financial officer, Philip Choyce, was a
senior counsel at Norton Rose Fulbright.
ICD leaders chose Sidley Austin as its lead legal advisor with bankruptcy partner Duston
McFaul leading the team. Latham & Watkins is counsel for the noteholders. Piper Sandler is
the investment bank advising ICD.
The case has been assigned to Houston Bankruptcy Judge Alfredo Perez.
Some of ICD’s largest creditors include Texas Steel Conversion ($978,232), Odessa trucking
company Red Stone Operations ($926,107) and Kilgore-based Noah’s Service and Supply
($353,118).
The case is In re Independence Contract Drilling, No. 24-90612.