[Context: On November 23, Chaparral Energy, previously backed by CCMP Capital and Healthcare of Ontario Pension Plan Trust Fund, reached a restructuring agreement to convert its $1.2bn in debt to 100% ownership in the company for unsecured bondholders and creditors.]
Chaparral Submits Restructuring Support Agreement, Announces CEO Mark Fischer’s Retirement
OKLAHOMA CITY, Nov. 23, 2016 (GLOBE NEWSWIRE) — Chaparral Energy, LLC announced today that it has reached an agreement with its consenting bondholders and lenders to convert approximately $1.2 billion of its outstanding debt to equity pursuant to the terms of a restructuring support agreement. The agreement was submitted to the U.S. Bankruptcy Court of Delaware today for approval. Chaparral originally filed for Chapter 11 protection when it began a comprehensive financial restructuring on May 9, 2016.