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Magnum Hunter Emerges from Bankruptcy; Evans Out; Hunt For New CEO
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Magnum Hunter Resources Corporation and certain of its wholly-owned subsidiaries announced that its chapter 11 plan of reorganization, which was confirmed by the United States Bankruptcy Court for the District of Delaware on April 18, 2016, has gone effective. As planned, Magnum Hunter successfully emerged from chapter 11 less than five months after voluntarily filing for bankruptcy protection to consummate its pre-negotiated plan of reorganization.
The Company completed a very effective balance-sheet restructuring that de-leveraged substantially all of Magnum Hunter's $1 billion of pre-bankruptcy funded indebtedness and converted 100% of its post-filing debtor-in-possession financing into equity pursuant to a consensual debt-to-equity exchange. Previously burdened by cumbersome…
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