Onshore independent oil and gas company Sundance Energy Inc. and its affiliates have filed for voluntary Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas.

Sundance on March 9 entered into a restructuring support agreement with the administrative agent under the company's prepetition reserve-based revolving credit facility, holders of 100% of the outstanding amount of revolving loans under the revolving credit facility, the administrative agent under its prepetition term loan and holders of 100% of the outstanding amount of term loans under the term loan facility, according to a same-day news release.

The restructuring support deal covered a prepackaged reorganization plan that will enable Sundance to remove $250 million of funded debt obligations through a debt-for-equity exchange.

Sundance has also secured commitments for at least $45 million in debtor-in-possession financing. Upon emergence, the company's balance sheet will include $137.5 million of funded debt comprising a senior secured reserve-based revolving credit facility, a senior secured second out term loan and a potential senior secured third out term loan.

Sundance said it will continue normal business operations through the Chapter 11 process, which will be completed in about 60 days.

Latham & Watkins LLP, Hunton Andrews Kurth LLP, Miller Buckfire & Co. LLC and FTI Consulting Inc. are representing Sundance in the bankruptcy process.