Independence Contract Drilling, Inc. Price & Performance (ICD)

Independence Contract Drilling has finalized its Chapter 11 restructuring, emerging as a private company. The reorganization plan, confirmed by the bankruptcy court, significantly reduces debt and provides new capital, positioning ICD for operational stability and future growth in the U.S. land-based drilling market.12

Independence Contract Drilling’s restructuring, supported by noteholders, cancels existing common stock and injects $72.5 million in new financing. The plan converts nearly $200 million in debt to equity, slashes leverage, and ensures continued operations with full payment to vendors and employees, but results in total loss for previous shareholders.34

As Independence Contract Drilling emerges from bankruptcy, recent data indicates its market share stands at 0.1% among drilling competitors. The company’s restructuring aims to stabilize its position, but it remains a minor player in a competitive field dominated by larger industry peers.5