Bonanza Creek Energy Initiates Prepackaged Chapter 11 Proceedings Pursuant to Restructuring Support Agreement
Bonanza Creek Energy, Inc. (BCEI)
Last bonanza creek energy, inc. earnings: 2/27 04:05 pm
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Source: GlobeNewswire
Emergence from Chapter 11 is expected before the end of the first quarter of 2017.Prepackaged plan will reduce unsecured bond obligations by approximately $867 million and contemplates a $200 million equity infusion.Employees, royalty owners, vendors and trade creditors to be paid in the ordinary course of business. DENVER, Jan. 04, 2017 (GLOBE NEWSWIRE) -- Bonanza Creek Energy, Inc. (NYSE:BCEI) (“Bonanza Creek” or the “Company”) and certain subsidiaries today announced that they had filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court for the District of Delaware to pursue a prepackaged plan of reorganization (“Prepackaged Plan”), in accordance with the previously announced restructuring support agreement (the “RSA”) with certain of their noteholders and one of their crude oil purchase and sale counterparties, NGL Crude Logistics, LLC and its parent, NGL Energy Partners LP, to effectuate a comprehensive restructuring. The RSA an
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