Battalion Oil Corp (BATL)

[fung_derf]

I'm not sure why this would be good news....

As previously disclosed, pre-petition holders of Halcón common stock are
receiving 4.0% of the common stock of the reorganized Company and the
remaining 96.0% of common stock is being allocated to pre-petition debt
holders in the Company, subject to dilution by new common shares issued or
reserved for issuance in connection with the management incentive program (the
“MIP”) and warrants issued to certain debtholders pursuant to the
Restructuring Plan (the “New Warrants”). The Company has determined that
it will have 90 million new common shares outstanding before an allocation of
shares for the MIP and the New Warrants. This results in pre-petition
Halcón equity holders receiving 3.6 million new common shares in the Company,
or the effective equivalent of a 1 for 34 reverse stock split considering
Halcón had 122.2 million common shares outstanding on September 8, 2016.
The new common shares are scheduled to begin trading on the New York Stock
Exchange at the open of trading hours on September 12, 2016. The table below
summarizes the new ownership structure of Halcón.