Houston-based independent Halcon Resources Corp. announced Wednesday that the U.S. Bankruptcy Court for the Southern District of Texas confirmed its Chapter 11 reorganization plan.

Halcon expects to emerge from bankruptcy within the next few weeks, subject to meeting closing conditions, with a new loan, less debt and more liquidity.

The financially beleaguered independent operates exclusively in the Permian Basin’s Delaware sub-basin. As the end of 1Q2019, the company had a position of roughly 56,874 net acres split between its Monument Draw, West Quito and Pecos County operating areas. Management also indicated in its first-quarter earnings report that it was open to a sale, merger or other financing options.

Halcon became a pure-play after selling its Williston Basin and Eagle Ford shale assets in 2017.

In line with a bankruptcy plan it filed in early August, the restructuring would eliminate more than $750 million in debt, more than $40 million of annual interest expense, a new $750 million loan and $150 million of liquidity.

Shortly after the filing, Halcon named Ragan Altizer as its new CFO. The company has been able to maintain operations and staff during the bankruptcy process thanks to $35 million of debtor-in-possession financing.

Halcon CEO Richard Little said the company would emerge from bankruptcy “well capitalized and in a strong financial position.” He added that Halcon would “continue our focus on optimizing the development and value of our assets.”

Halcon reported a net loss of $640.9 million (minus $4.03/share) in 2Q2019, compared with net income of $16.3 million in the year-ago period. The company previously filed for bankruptcy in 2016.