Bankruptcy / Restructure Update | Financial Trouble | Capital Markets
Denbury Resources Files Chapter 11 Bankruptcy
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Denbury Resources has entered into a Restructuring Support Agreement with funded debtholders holding 100% of revolving credit facility loans, approximately 67.2% of second lien notes and approximately 70.8% of convertible notes in a "pre-packaged" plan that will eliminate the Company's $2.1 billion of bond debt.
Denbury expects to continue normal operations throughout the Court-supervised process. Pursuant to their commitment letter, the Company's existing lenders will provide a debtor-in-possession ("DIP") revolving loan that will "roll" into an exit facility with up to $615 million in availability.
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