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Bond Holders, Creditors Take Control of STACK/SCOOP Operator; CEO To Exit
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Chaparral Energy (previously backed by CCMP Capital and Healthcare of Ontario Pension Plan Trust Fund), has reached an agreement with its bondholders and lenders to convert approximately $1.2 billion of its outstanding debt to equity pursuant to the terms of a restructuring support agreement.
Under the agreement, Chaparral’s unsecured bondholders and general unsecured creditors will own 100 percent of the company’s ownership interest, subject to some dilution.
The company will exit with liquidity of $150 million.
The agreement also sees Mark A Fischer (founder, CEO and Chairman) retiring in the next few weeks. The new duties has been passed to Earl Reynolds.
Mark Said, “With most of the work completed toward our Chapter 11 emergence, Chaparral is entering into a new era under the direction…
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