Schedule 13D
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Page 1
of 7
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CUSIP No. 82836G 102
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UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE
13D/A
Under
the Securities Exchange Act of 1934
(Amendment
No. 2)*
Silverbow
Resources, Inc.
(Name
of Issuer)
Common
Stock, par value $0.01 per share
(Title
of Class of Securities)
82836G
102
(CUSIP
Number)
David
B. Charnin, Esq.
Strategic Value Partners, LLC
100 West Putnam Avenue
Greenwich, CT 06830
(203) 618-3500
(Name,
Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
February 16,
2021
(Date
of Event Which Requires Filing of this Statement)
If
the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule
13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.
¨
Note:
Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See
Rule 13d-7 for other parties to whom copies are to be sent.
*
The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect
to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided
in a prior cover page.
The
information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of
Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
Schedule 13D
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Page 2
of 7
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CUSIP No. 82836G 102
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1
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NAMES OF REPORTING PERSONS
Strategic Value Partners, LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
(VOLUNTARY)
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF
A GROUP (SEE INSTRUCTIONS)
(a) ¨
(b) ¨
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS
Not Applicable
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
¨
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
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7
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SOLE VOTING POWER
0
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8
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SHARED VOTING POWER
4,476,462 (1)
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9
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SOLE DISPOSITIVE POWER
0
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10
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SHARED DISPOSITIVE POWER
4,476,462 (1)
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON
4,476,462 (1)
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW
(9) EXCLUDES CERTAIN SHARES
¨
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT
IN ROW (9)
37.5% (2)
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14
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TYPE OF REPORTING PERSON
OO
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(1) Consists
of 4,476,462 shares beneficially owned by Strategic Value Partners, LLC (i) as the investment manager of Strategic Value
Master Fund, Ltd., which has an ownership interest in SVMF 70 LLC, which has an ownership interest in SVMF 71 LLC, (ii) as
the managing member of SVP Special Situations III LLC, which is the investment manager of Strategic Value Special Situations Master
Fund III, L.P., which has an ownership interest in SVMF 70 LLC, which has an ownership interest in SVMF 71 LLC, and (iii) as
the managing member of SVP Special Situations III-A LLC, which is the investment manager of Strategic Value Opportunities Fund,
L.P., which has an ownership interest in SVMF 71 LLC. SVMF 71 LLC directly holds 4,476,462 shares of the Issuer. The Reporting
Person disclaims beneficial ownership of the securities reported herein, and neither the filing of this Statement on Schedule
13D nor any of its contents shall be deemed to constitute an admission by the Reporting Person that it is the beneficial owner
of any of the Common Shares held by SVMF 71 LLC or reported herein by the other Reporting Persons for purposes of Section 13(d) of
the Act, or for any other purpose, and such beneficial ownership is expressly disclaimed by the Reporting Person.
(2) Based
on 11,936,679 shares of Common Stock of the Issuer, as reported in the Issuer’s Form 10-Q filed on November 5,
2020.
Schedule 13D
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Page 3
of 7
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CUSIP No. 82836G 102
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1
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NAMES OF REPORTING PERSONS
SVP Special Situations III LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
(VOLUNTARY)
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF
A GROUP
(a) ¨
(b) ¨
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS
Not Applicable
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
¨
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
|
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
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7
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SOLE VOTING POWER
0
|
8
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SHARED VOTING POWER
4,476,462 (1)
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9
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SOLE DISPOSITIVE POWER
0
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10
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SHARED DISPOSITIVE POWER
4,476,462 (1)
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON
4,476,462 (1)
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW
(9) EXCLUDES CERTAIN SHARES
¨
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT
IN ROW (9)
37.5% (2)
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14
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TYPE OF REPORTING PERSON
OO
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(1) SVP
Special Situations III LLC is the investment manager of Strategic Value Special Situations Master Fund III, L.P., which has an
ownership interest in SVMF 70 LLC, which has an ownership interest in SVMF 71 LLC, which directly holds 4,476,462 shares of the
Issuer. The Reporting Person disclaims beneficial ownership of the securities reported herein, and neither the filing of this
Statement on Schedule 13D nor any of its contents shall be deemed to constitute an admission by the Reporting Person that it is
the beneficial owner of any of the Common Shares held by SVMF 71 LLC or reported herein by the other Reporting Persons for purposes
of Section 13(d) of the Act, or for any other purpose, and such beneficial ownership is expressly disclaimed by the
Reporting Person.
(2) Based
on 11,936,679 shares of Common Stock of the Issuer, as reported in the Issuer’s Form 10-Q filed on November 5,
2020.
Schedule 13D
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Page 4
of 7
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CUSIP No. 82836G 102
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1
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NAMES OF REPORTING PERSONS
SVP Special Situations III-A LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
(VOLUNTARY)
|
2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF
A GROUP
(a) ¨
(b) ¨
|
3
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SEC USE ONLY
|
4
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SOURCE OF FUNDS
Not Applicable
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
¨
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
|
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
7
|
SOLE VOTING POWER
0
|
8
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SHARED VOTING POWER
4,476,462 (1)
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9
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SOLE DISPOSITIVE POWER
0
|
10
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SHARED DISPOSITIVE POWER
4,476,462 (1)
|
11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON
4,476,462 (1)
|
12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW
(9) EXCLUDES CERTAIN SHARES
¨
|
13
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PERCENT OF CLASS REPRESENTED BY AMOUNT
IN ROW (9)
37.5% (2)
|
14
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TYPE OF REPORTING PERSON
OO
|
(1) SVP
Special Situations III-A LLC is the investment manager of Strategic Value Opportunities Fund, L.P., which has an ownership interest
in SVMF 71 LLC, which directly holds 4,476,462 shares of the Issuer. The Reporting Person disclaims beneficial ownership of the
securities reported herein, and neither the filing of this Statement on Schedule 13D nor any of its contents shall be deemed to
constitute an admission by the Reporting Person that it is the beneficial owner of any of the Common Shares held by SVMF 71 LLC
or reported herein by the other Reporting Persons for purposes of Section 13(d) of the Act, or for any other purpose,
and such beneficial ownership is expressly disclaimed by the Reporting Person.
(2) Based
on 11,936,679 shares of Common Stock of the Issuer, as reported in the Issuer’s Form 10-Q filed on November 5,
2020.
Schedule 13D
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Page 5
of 7
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CUSIP No. 82836G 102
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1
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NAMES OF REPORTING PERSONS
Victor Khosla
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
(VOLUNTARY)
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF
A GROUP
(a) ¨
(b) ¨
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS
Not Applicable
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
¨
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
United States
|
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
7
|
SOLE VOTING POWER
0
|
8
|
SHARED VOTING POWER
4,476,462 (1)
|
9
|
SOLE DISPOSITIVE POWER
0
|
10
|
SHARED DISPOSITIVE POWER
4,476,462 (1)
|
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON
4,476,462 (1)
|
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW
(9) EXCLUDES CERTAIN SHARES
¨
|
13
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PERCENT OF CLASS REPRESENTED BY AMOUNT
IN ROW (9)
37.5% (2)
|
14
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TYPE OF REPORTING PERSON
OO
|
(1) Strategic
Value Partners, LLC (i) is the investment manager of Strategic Value Master Fund, Ltd., which has an ownership interest
in SVMF 70 LLC, which has an ownership interest in SVMF 71 LLC, (ii) is the managing member of SVP Special Situations III
LLC, which is the investment manager of Strategic Value Special Situations Master Fund III, L.P., which has an ownership interest
in SVMF 70 LLC, which has an ownership interest in SVMF 71 LLC, and (iii) is the managing member of SVP Special Situations
III-A LLC, which is the investment manager of Strategic Value Opportunities Fund, L.P., which has an ownership interest in SVMF
71 LLC. SVMF 71 LLC directly owns 4,476,462 shares of the Issuer. Mr. Khosla is the sole member of Midwood Holdings, LLC,
which is the managing member of Strategic Value Partners, LLC and is also the indirect majority owner and control person of Strategic
Value Partners, LLC, SVP Special Situations III LLC and SVP Special Situations III-A LLC. The Reporting Person disclaims beneficial
ownership of the securities reported herein, and neither the filing of this Statement on Schedule 13D nor any of its contents
shall be deemed to constitute an admission by the Reporting Person that it is the beneficial owner of any of the Common Shares
held by SVMF 71 LLC or reported herein by the other Reporting Persons for purposes of Section 13(d) of the Act, or for
any other purpose, and such beneficial ownership is expressly disclaimed by the Reporting Person.
(2) Based
on 11,936,679 shares of Common Stock of the Issuer, as reported in the Issuer’s Form 10-Q filed on November 5,
2020.
Schedule 13D
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Page 6
of 7
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CUSIP No. 82836G 102
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AMENDMENT
NO. 1 TO SCHEDULE 13D
Reference
is hereby made to the statement on Schedule 13D filed with the Securities and Exchange Commission on behalf of the Reporting Persons
with respect to the Common Stock of Silverbow Resources, Inc. (f/k/a Swift Energy Co.) (the “Issuer”)
on May 2, 2016, as amended by Amendment No. 1 thereto filed on January 24, 2017 (as so amended, the “Schedule
13D”). Terms defined in the Schedule 13D are used herein as so defined.
Item
5. Interest in Securities of the Issuer
Item
5 is hereby amended and supplemented with the following:
(a) –
(b) The information requested by this paragraph is incorporated herein by reference to the information provided on the cover
pages to this Schedule 13D.
Schedule 13D
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Page 7
of 7
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CUSIP No. 82836G 102
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SIGNATURE
After
reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement
is true, complete and correct.
Dated:
February 16, 2021
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STRATEGIC VALUE PARTNERS,
LLC
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Title:
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Fund Chief Financial Officer
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SVP
SPECIAL SITUATIONS
III LLC
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Title:
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Fund
Chief Financial Officer
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SVP
SPECIAL SITUATIONS
III-A LLC
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Title:
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Fund
Chief Financial Officer
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