Two Executives of Swift Energy to Retire after Bankruptcy Exit

by San Antonio Attorney

Swift Energy Co., which completed the bankruptcy process in April, has made an announcement that Chief Executive Officer Terry Earl Swift and Chief Financial Officer Alton Heckaman Jr.  are retiring.

The two executives of Swift Energy are prepared to facilitate in turning over their responsibilities in the coming months.  The company will immediately start its search for the replacement of Swift and Heckaman Jr.  and intends to fill the positions before the departure of the executives.

Swift has been the company’s CEO beginning 2001 and became the board chairman on June 2006, which ended in April 2016.  His first role in the company was engineering manager.

Heckman’s first role in the company was accounting manager and has held different financial positions before becoming CFO in 2000 and also held the executive vice president position in 2004.

Acting board chairman, Pete Kirchof, said the CFO has played an important role in many current initiatives that will help Swift Energy.  This includes guiding the company through a swift and effective reorganization on top of several post-bankruptcy initiatives, like the applying a fresh start to the company’s accounting, Kirchof said.

In a statement given by Swift, he said that it is the right time to reassign the company’s leadership.

Swift energy emerged the Chapter 11 process fairly quickly, declaring the end of proceedings after only 115 days from the date of its filing.  According to experts, the possible reason for the smooth process is the unsecured creditors easily agreed with secured creditors on the worth of their claims.

There are cases when a tension exists between holders of unsecured and secured debt.  An agreement among parties involved is needed regarding the debt of a bankrupt business that it can move forward with the proceedings without delay.

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