Oklahoma City-based Chaparral Energy has won an extension of its Chapter 11 bankruptcy plan and now will have until January 2017 to finish seeking acceptances from lenders.
The U.S. Bankruptcy Court approved the company’s request to extend the period through and including November 9, 2016 and January 9, 2017.
The company filed Chapter 11 in May in the U.S. Bankruptcy Court of Delaware, saying it needed to restructure its balance sheet. In announcing the May 9 filing, Chaparral said the process would reduce its leverage position and increase liquidity by “reducing our debt by approximately $1.2 billion.”
The company said at the time that its day-to-day operations would continue as normal without interruption during the bankruptcy process.
“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,” wrote the court last week.
