Chaparral Energy has emerged from bankruptcy.
The company converted $1.2 billion of pre-petition debt to equity and eliminated approximately $100 million of annual interest expense.
Chaparral’s new capital structure includes its cash on hand, as well as a reserve based lending facility with an initial borrowing base of $225 million and an additional $150 million term loan. Both the revolver and term loan will mature in four years. The company also received an additional $50 million in cash after issuing equity from a rights offering. Chaparral currently has more than $100 million in liquidity.
Board of Directors
In accordance with its restructuring plan, Chaparral’s newly appointed independent, seven-member board of directors also became effective today. The company’s new board includes Reynolds, Douglas Brooks, Matt Cabell, Robert Heinemann, Sam Langford, Ken Moore and Gysle Shellum.
Chaparral has been advised through this process by financial advisor Evercore, restructuring advisor Opportune LLP and the law firm of Latham & Watkins LLP.
Related Categories :
Bankruptcy Exit
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