Debt | Financial Trouble | Capital Markets
Another STACK Operator Enters Forbearance with Lenders, Misses Payment
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Chaparral Energy has entered into forebearance with its lenders as well as missed its latest interest payment, according to its July 15, 2020 8-K filed with the SEC.
The agreement was struck after Chaparral failed to make the loan interest payment due on July 15, 2020 in regard to its 8.75% senior notes due 2023.
The forbearance period began on July 15, 2020 and continues until 5:00 p.m. (Central Time) on July 29, 2020. The Forbearance Agreement also provides the following milestones that must be met to avoid early termination of the forbearance period:
At or prior to 5:00 p.m. CST on July 20, 2020, the Company must propose a process and timeline to the Administrative Agent for unwinding the Company’s hedges and using all or a portion of the net cash proceeds from the hedge unwind to pay…- ✓ Full news archive — U.S., Canada & international coverage
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