Independence Contract Drilling, Inc., a Houston-based premium onshore contract drilling services provider operating super-spec pad-optimal rigs under the ShaleDriller® brand with approximately 387 employees, filed for prepackaged Chapter 11 bankruptcy protection on December 2, 2024 in the Southern District of Texas (Case No. 24-90612) after a March 2024 marketing process failed to produce sufficient bids to repay secured debt. The company faced sharp declines in Haynesville Shale activity following natural gas price deterioration, moderation in Permian Basin demand, customer consolidation favoring larger contractors, and looming maturities on approximately $221.1 million in funded secured debt (primarily $206.8 million in convertible notes due March 2026). The debtors obtained a $32.5 million DIP facility from Glendon Capital Management and MSD Partners. A prepackaged plan supported unanimously by noteholders was confirmed on January 9, 2025, converting the convertible notes into 100% of new common equity (subject to up to 10% dilution for a management incentive plan) and providing noteholders with $7.5 million in exit term loan participation. Unsecured creditors and other claim holders remained unimpaired under the plan. The company emerged as a private company on January 17, 2025 with a $30 million undrawn exit revolving credit facility and eliminated over $197 million of convertible debt, completing the prepack restructuring in approximately six weeks.