Bankruptcy / Restructure Update | Financial Trouble | Capital Markets
Rosehill Resources Files Chapter 11 Bankruptcy
Rosehill Resources Inc. has filed for bankruptcy.
This move has been forthcoming since July 1, 2020, when Rosehill entered into a restructuring agreement with its lenders, of which filing Chapter 11 was part of the deal.
Rosehill first warned of its potential bankruptcy filing in April 2020.
As previously reported, the company has secured a $17.5 million junior convertible secured debtor-in-possession delayed-draw term loan facility and use cash collateral.
Delisting from Nasdaq
In connection with the Chapter 11 filling, Rosehill told Nasdaq of its intention to voluntarily delist its stock from the exchange and will cease trading on Nasdaq on or about August 13, 2020. Following the delisting from Nasdaq, the Company intends to voluntarily deregister its Listed Securities and cease its public reporting obligations with the SEC.
Advisors to Rosehill
Gibson, Dunn & Crutcher LLP and Haynes and Boone, LLP are acting as legal counsel, and Jefferies LLC and Opportune LLP are acting as financial advisors to Rosehill in connection with the Chapter 11 Cases.
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