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Chaparral Energy Default and Downgrade

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As stated in Form 8-K filed on April 5, 2016, Chaparral Energy, Inc. did not make the interest payment on the 8.25% Senior Notes within the 30-day grace period. As a result, an event of default occurred on April 1, 2016 and is continuing under the indenture governing the 8.25% Senior Notes, of which $384 million principal amount was outstanding on that date. As previously announced, on March 1, 2016, the Company elected not to make the interest payment on the 8.25% Senior Notes. Under the indenture governing the 8.25% Senior Notes, the failure to make the interest payment was subject to a 30-day grace period before constituting an event of default.

On April 7, 2016, Moody’s Investors Service downgraded Chaparral Energy, Inc.’s corporate family rating to C from Ca, its probability of default rating to C-PD/LD from Ca-PD and its unsecured notes rating to C from Ca following the Company’s announcement that it did not make the interest payment due on its 8.25% Senior Notes following the expiration on April 1 of the 30-day grace period with respect to its March 1, 2016 scheduled payment date. Read more on distressed companies.

The post Chaparral Energy Default and Downgrade appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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