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Unit Corp. files for bankruptcy (NYSE:UNT)

Unit Corp. (NYSE:UNT) says it filed for Chapter 11 bankruptcy protection, handing ownership to subordinated noteholders.

Unit says the move will reduce its funded debt obligations by more than $650M and right-size its balance sheet for go-forward operations.

The restructuring support agreement is supported by the holders of more than 70% of 6.625% senior subordinated notes due 2021 and all lenders under the company’s senior credit agreement.

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