Bankruptcy / Restructure Update | Capital Markets
STACK/Mid-Con Operator Files Chapter 11 Bankruptcy
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Chaparral Energy LLC, announced that it has voluntarily filed petitions for relief under Chapter 11. The Chapter 11 filing will facilitate the restructuring of the company’s balance sheet, as it continues to work through negotiations of a debt to equity exchange with its bondholders and lenders with the objective of reducing its bondholder debt by approximately $1.2 billion.
Chaparral continues to believe in the outstanding potential of our employees and our Mid-Continent assets and EOR programs.Chief Executive Office Mark Fischer. “By significantly reducing our debt and restructuring our balance sheet, Chaparral will be better positioned to not only weather this down environment, but also increase our long-term financial security and better position us for long-term success.”
Chaparral…
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