SNDE - Sundance Energy slumps in early trade after initiating voluntary prepackaged Chapter 11 process

Sundance Energy (SNDE) and its affiliates filed for voluntary Chapter 11 protection in the U.S. Bankruptcy Court for strengthening the company's balance sheet and position it for sustained future success.Chapter 11 process is expected to conclude in ~60 days with all operations continuing as usual.The prepackaged plan for reorganization will provide for a debt-for-equity exchange leading to eliminating $250M+ of funded debt obligations from the company's balance sheet.Sundance has also secured commitments from certain of its term loan lenders for at least $45M in debtor-in-possession financing.Shares trading 41.3% down premarket

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Sundance Energy slumps in early trade after initiating voluntary, prepackaged Chapter 11 process