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Rosehill Resources Enters into Restructuring Deal with Lenders
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After hinting at the possibility in April 2020, Rosehill Resources Inc. has struck Restructuring Support Agreement (RSA) with its lenders, which will lead to a bankruptcy filing in due course.
As part of the RSA, Rosehill will enter into a proposed $17.5 million DIP facility.
The company expects to emerge from bankruptcy within 75 days of filing, with is forthcoming (around mid-October 2020).
David French, Rosehill's President and Chief Executive Officer, said, "These are extraordinary times in the industry with the pressure on commodity prices driven by the COVID-19 pandemic. After exploring all strategic and financial options available to Rosehill, we are announcing an agreement for a consensual restructuring among the Company's major creditors. We believe that the restructuring will…
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