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Stock impact report

Denbury Resources to File Prepackaged Bankruptcy Plan [TheStreet.com]

DENBURY RESOURCES (DNR) 
Last denbury resources earnings: 2/25 06:30 am Check Earnings Report
Company Research Source: TheStreet.com
Denbury Resources(DNRGet ReportLike many others in the oil and gas patch, the Plano, Texas, company has been decimated by the drop in oil and gas prices during the coronavirus pandemic.The company has agreed with creditors holding all of its revolving-credit-facility loans, about 67.2% of second lien notes and about 70.8% of convertible notes on a plan that will erase its $2.1 billion of bond debt.Denbury expects to file its bankruptcy petition in U.S. Bankruptcy Court for the Southern District of Texas by Thursday.It plans to continue normal operations throughout the bankruptcy process. Its lenders will provide a debtor-in-possession revolving loan that will roll into an exit facility with up to $615 million available.Denbury will continue to evaluate the operating environment and adjust as necessary to the impact of covid-19, OPEC+ actions and other factors that affect its business, the company said in a statement.In light of the pandemic, “we have taken multiple proactive steps at Show less Read more
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