Independence Contract Drilling, Inc. (ICD) (OTCQX: ICDI), which provides land-based contract drilling services for oil and natural gas producers in the United States, has announced that it has successfully completed its Chapter 11 restructuring process and has emerged as a private company that is financially and operationally stronger and well-positioned for the future. ICD’s Plan of Reorganization was confirmed by the Bankruptcy Court on January 9, 2025.
Latham & Watkins LLP represented the company’s prepetition convertible noteholders and postpetition lenders in connection with the transaction led by New York restructuring and special situations partners David Hammerman and Adam Goldberg, with associate Jon Weichselbaum, and Austin corporate partner David Miller with Houston associate Daniel Harrist. Advice was also provided on corporate matters by London partner Edward Barnett, and New York partners Reza Mojtabaee-Zamani and Eric Rice; on finance matters by Houston partner Pamela Kellet and Houston counsel Benjamin Gelfand, with associates Brian Flynn and Johnny Zhuang; and on tax matters by Chicago Partner Joseph Kronsnoble and New York associate Lukas Kutilek.