The deal agreed to by shareholders saw W&T swap $710.2 million worth of notes due in June 2019 for 60.4 million shares, as well as two batches of payment-in-kind toggle notes. The first due in 2020 has aggregate principal of $159.8 million, while a second group due in 2021 has aggregate principal of $142 million.
"While operating margins are still below our historic levels, they have improved from early in the year, allowing us to expand our capital program in 2016, currently estimated at $60 million, and pursue projects that were delayed when margins began declining rapidly," chief executive Tracy Krohn said.
