Chaparral Energy Becomes the Latest Crude Oil Bankruptcy

Chaparral Energy, an Oklahoma-based oil and gas producer, filed for Chapter 11 bankruptcy on Sunday, August 16. The company joined a growing list of energy companies to file for protection, as the coronavirus pandemic continues causing an economic downfall, dropping oil prices to unsustainable levels.

Chaparral filed in the U.S. Bankruptcy Court in Delaware after reaching a restructuring support agreement with its debt holders. The company plans to restructure its balance sheet with a $300 million debt-for-equity swap with bond holders. The company has listed its assets and liabilities ranging from $500 million to $1 billion.

“While we have taken carefully measured and decisive action to address the challenges of 2020, the overall impact to the energy industry, including Chapar...

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