Armory Capital: Sidewinder Drilling transaction violates indenture

By Caroline Salls

Pittsburgh, March 22 – Sidewinder Drilling, Inc. is in violation of the indenture for its senior unsecured notes as a result of a recently announced transaction involving some noteholders, according to a release from Armory Capital Group, LLC, which represents a group of five Sidewinder noteholders.

Armory said the transactions in question included a private placement of new notes, a redemption of existing notes, an amendment to the notes indenture and an amendment to Sidewinder’s existing credit facility.

Sidewinder is a Houston-based land drilling company.

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