Item 1.03. Bankruptcy or Receivership.
As previously disclosed, Halcón Resources Corporation (the Company) and its subsidiaries (collectively, with the Company, the Debtors) filed voluntary petitions for relief (the Chapter 11 Cases) under chapter 11 of title 11 of the United States Code (the Bankruptcy Code) in the United States Bankruptcy Court for the Southern District of Texas (the Bankruptcy Court). The Chapter 11 Cases were filed in order to effect the Debtors previously disclosed Joint Prepackaged Plan of Reorganization (the Plan), the material terms of which were disclosed in the Companys Current Report on Form 8-K filed with the Securities and Exchange Commission (SEC) on August 5, 2019.
On September 24, 2019, the Bankruptcy Court entered an order, Docket No. 0321 (the Confirmation Order) confirming the Plan. A copy of the Confirmation Order, with a copy of the Plan as confirmed attached thereto, is attached as Exhibit 2.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The Debtors expect that the effective date of the Plan (as defined in the Plan, the Effective Date) will occur after all conditions precedent to the Plan have been satisfied. Although the Debtors are targeting occurrence of the Effective Date as soon as reasonably practicable, the Debtors can make no assurances as to when, or ultimately if, the Plan will become effective. It is also possible that technical amendments could be made to the Plan prior to the Effective Date.
Pursuant to the Plan, the Companys common stock outstanding immediately before the Effective Date will be canceled and of no further force or effect after the Effective Date. As of August 5, 2019, the Company had 164,039,916 shares of common stock outstanding.
The organizational documents of the reorganized Company will become effective on the Effective Date, and will authorize the reorganized Company to issue shares of new common stock pursuant to the Plan, including to holders of existing shares of common stock, in the amounts, and on the terms, set forth therein.
Information regarding the assets and liabilities of the Company as of the most recent practicable date is hereby incorporated by reference to the Companys Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, filed with the SEC on August 9, 2019.