An Oklahoma City-based oil-field services company has filed for Chapter 11 bankruptcy protection as it aims to eliminate more than $1 billion in debt.
Seventy Seven Energy Inc. announced Tuesday that it filed for bankruptcy protection in federal court in Delaware. The company, which was spun off in 2014 from Chesapeake Energy Corp., says it expects to complete the reorganization within 60 days.
Seventy Seven Energy is the latest Oklahoma energy company to file for bankruptcy protection because of the downturn in oil and natural gas prices. Last month, both SandRidge Energy and Chaparral Energy filed for Chapter 11 bankruptcy protection.