Denbury Resources files for pre-packaged Chapter 11 with plan to eliminate $2.1 billion of bond debt [MarketWatch]
DENBURY RESOURCES (DNR)
Last denbury resources earnings: 2/25 06:30 am
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Source: MarketWatch
Denbury Resources Inc. said Wednesday it has filed for Chapter 11 bankruptcy protection under a pre-packaged plan with its creditors that will enable it to eliminate $2.1 billion of bond debt. The Plano,Tx.-based oil and natural gas company said it has an agreement with debtholders that own 100% of revolving credit facility loans, about 67.2% of second lien notes and about 70.8% of convertible bonds. The company expects to operate as normal during the Chapter 11 process and has a debtor-in-possession revolving loan that will roll into an exit facility of up to $615 million. "Recently our entire industry has been highly impacted by the global oil demand destruction caused by the COVID-19 pandemic, driving record low oil prices and rapid changes in energy market conditions," Chief Executive Chris Kendall said in a statement. Denbury has taken many steps to preserve liquidity, reducing capital spending and general and administrative costs and optimizing operations, he said. The stock, wh
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