Stallion Plan to Cut $550 Million Debt Wins Approval
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Stallion Oilfield Services Ltd., a bankrupt oilfield drilling and supply provider owned by Carlyle Group and Riverstone Holdings LLC, won court approval of a reorganization plan that cuts its debt by about $550 million.
“It is an easy call to confirm” the company’s plan, U.S. Bankruptcy Judge Brendan Linehan Shannon said today at a hearing in Wilmington, Delaware, citing the unanimous support for the plan from Stallion’s creditors.