Chaparral Energy $1.7 billion restructuring

Overview:

• Oil and gas exploration company Chaparral Energy has undergone a $1.7 billion financial restructuring.
• The energy company filed for Chapter 11 bankruptcy in May 2016 and submitted its restructuring support agreement in November of the same year.
• Parts of the accepted agreement include a money rights offering for unsecured creditors and an exchange of outstanding notes for equity in the reorganised company.
• An ad hoc committee of Chaparral noteholders will backstop the money rights offering.

Kurt Stumpo - Journalist