Chaparral Energy, Inc. Files For Bankruptcy in Delaware

On May 9, 2016, Chaparral Energy, Inc. and certain of its affiliates (collectively, “Chaparral” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware.According to the declaration of Chaparral’s Chief Executive Officer, Mark A. Fischer, (the “Fischer Declaration”), Chaparral’s operations include acquisition, exploration and development of oil and natural gas properties primarily in Oklahoma and Texas.  The Debtors operate certain of their properties. See Fischer Declaration at 12.Chaparral’s liabilities total approximately $1.8 billion and include (i)  $550 million under its 2010 Eight Restated Credit Agreement Notes  with U.S. Bank National Association; (ii) $1.2 billion in unsecured notes pursuant to certain indentures with Wilmington Savings Fund Society FSB as indenture trustee; (iii) $10 million under a mortgage note with Arvest Bank; (iv) $18.8 million on lease financing agreements with U.S. Bank National Association; and certain trade debts and installment notes.  See Fischer Declaration 18-26.The Debtors’ bankruptcy cases are being jointly administered in lead case captioned In re Chaparral Energy, Inc., et al., Case No. 11144.A copy of the Fischer Declaration can be accessed here: Download Fischer Declaration.For further information, please contact a Thompson & Knight Bankruptcy and Restructuring Attorney. For more information on the Thompson & Knight’s Bankruptcy and Restructuring Practice, please visit www.tklaw.com/bankruptcy-and-restructuring/.