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STACK Focus E&P Exits Bankruptcy
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Tapstone Energy, LLC has exited bankruptcy. The company originally filed
The company's bankruptcy filing enabled it to clear ~$450 million in debt from its balance sheet.
This leaves Tapstone with over $60 million in liquidity and a current mark-to-market hedge book of approximately $55 million.
Other Highlights: 100% of the Company's existing traditional credit facility lenders agreed to exchange their outstanding secured indebtedness into a combination of a new four-year secured term loan of approximately $145 million and common equity in Tapstone. 99.5% of the Company's existing 9.75% 2022 senior noteholders have agreed to exchange their existing unsecured notes into a new four-year unsecured term loan of approximately $5 million and common equity in Tapstone. Kennedy Lewis…- ✓ Full news archive — U.S., Canada & international coverage
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