Good to go: Houston-based Swift Energy Co., which has oilfields in Southeast Louisiana, announced late Thursday that a federal bankruptcy court has approved its plan to reorganize and emerge from bankruptcy. According to The Wall Street Journal, Judge Mary Walrath of the U.S. Bankruptcy Court in Wilmington, Delaware, signed off on the plan, which will swap $905 million in bond debt for most of the new equity in the restructured Swift. It also will allocate a 4% equity stake in the post-bankruptcy company to existing shareholders, as well as fully repay about $46 million in unsecured claims. Walrath’s approval came after Swift Energy’s attorneys listed numerous modifications made to the plan to resolve objections and concerns from the likes of the U.S. Department of the Interior, unsecured creditors and the Internal Revenue Service. Swift Energy file for bankruptcy proceeding on Dec. 31 after months of struggling to address $1.2 billion of debt. Read the full story (subscription may be required).
Help wanted: More than 140 jobs openings will be available at the WorkBoat Maintenance & Repair Conference and Expo set to take place from 10 a.m. to 12:30 p.m. on Wednesday, April 13, at the Morial Convention Center, 900 Convention Center Blvd, in New Orleans. The free maritime job fair is presented in cooperation of the Louisiana Workforce Commission. “This new addition to the Expo is a great opportunity for attendees to launch a career in the marine industry, make a horizontal move or simply increase their networking opportunities,” says David Krapf, editor in chief of WorkBoat magazine, in a statement. Job seekers also can get resources and advice on resumes, filling out online application forms and their careers at a job advice center adjacent to the fair. Get more information.
Up a notch: U.S. employers notched another solid month of hiring in March by adding 215,000 jobs, driven by large gains in the construction, retail and health care industries, The Associated Press reports. Despite the jump, the Labor Department announced this morning that the unemployment rate ticked up to 5% from 4.9%. But that increase includes some good news: more Americans came off the sidelines to look for work, though not all found jobs. The figures suggest that employers remain confident enough in their business prospects to add staff, even as overall growth has slowed since last winter. Many analysts estimate that the economy grew at a 1% annual rate or below in the first quarter. Read the full story.
