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Chaparral Energy Extension Approved

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The U.S. Bankruptcy Court approved Chaparral Energy’s motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including November 9, 2016 and January 9, 2017, respectively.

The order states, “The entry of this Order shall be without prejudice to the rights of the Debtors to request further extensions of the Exclusive Periods or to seek other appropriate relief; provided that, to the extent the Debtors obtain an extension of the Exclusive Filing Period beyond November 9, 2016 but have not entered into a plan support agreement by such date that reflects the economic terms agreed to (i) between the Prepetition Lenders and the Ad Hoc Committee and (ii) between the Ad Hoc Committee and the Debtors,3 then the burden of proof with respect to any motion of the Ad Hoc Committee or the Prepetition Lenders to terminate the Exclusive Periods shall rest equally on such parties, and none of such parties shall get the benefit of a presumption in connection with any such request.”

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