Chaparral Energy Inc. is very close to a restructuring deal that will wipe $1.2 billion in debt from its balance sheet, said Richard Levy, lawyer for the Oklahoma oil and gas producer.
Speaking at the companys bankruptcy-court debut Wednesday, Mr. Levy said unsecured bondholders have agreed to swap out their debt for equity in a restructured Chaparral, a trade to be memorialized in a chapter 11 exit plan.
Chaparral, one of dozens of oil-and-gas exploration and production companies to resort to bankruptcy in the face of historic low prices, filed for bankruptcy protection Monday without a signed restructuring deal but was close to on…
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