Chaparral Energy filed with the U.S. Bankruptcy Court a Joint Plan of Reorganization (modified) and related Disclosure Statement.
Among other changes, the Disclosure Statement adds the following text: “[O]n the Effective Date, the Debtors will make payments on account of the Prepetition Credit Agreement Claims in the approximate amount of $170 million, of which $69 million of cash will be distributed to Holders of Allowed Prepetition Credit Agreement Claims and $101 million will be used to temporarily repay the $225 million outstanding under the senior secured revolving credit facility created as part of the Exit Facility Credit Agreement (the ‘Senior Secured Revolving Credit Facility’). Accordingly, the Debtors estimate that, on the Effective Date, they will have approximately $124 million in borrowings outstanding and approximately $101 million in availability under the Senior Secured Revolving Credit Facility.”
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