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Chaparral Issues Going Concern, Suspend Drilling; Exploring Alternatives
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Chaparral Energy, Inc. reported its Q1 2020 results.
The company disclosed in its 10Q filing that its ability to continue operating is a going concern amidist the historic drop in oil prices and confirmed it had hired financial advisors, something we reported back in March here... and here.
- "Management does not believe that our plans as outlined aboved will sufficiently mitigate the conditions that raise the substantial doubt" - the company said.
Longterm-debt stood at $436 million.
As one might remember, we also noted that the company awarded retention bonuses totally $2.1 million to executives and drew down its credit line about that here..
Cash from operations of $12 million and capex of $55 million, resulted in a outspend of $43 million.
Reduced (15%) of the workforce year to…
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