In an amended annual report filed May 1 with the Securities and Exchange Commission, Oklahoma City-based Chaparral Energy revealed more of its financial transactions following its emergence from Chapter 11 bankruptcy.
The SEC report showed the federal Bankruptcy court approved a retirement agreement with former Chairman and CEO Mark A. Fischer. While his base salary was $830,305 at the time the company filed for bankruptcy last spring, Fischer also received a cash payment of nearly $3.15 million when he left the company. He was also awarded accrued and unpaid benefits.
“In addition, the Company transferred title to certain personal property, including the Company’s airplane valued at approximately $1.0 million, an automobile and certain office furniture to Mr. Fischer,” stated the SEC filing. The Federal Aviation Administration aircraft registration records did not reflect ownership of any plane by Chaparral Energy nor by Mark. A. Fischer. However, it could be registered under another name.
Chaparral filed Chapter 11 bankruptcy in May 2016, listing $1.2 billion in debt. The company’s new Chief Executive Officer and Director is K. earl Reynolds while Joseph O. Evans has become Chief Financial Officer and Executive Vice President.
The May 1 filing with the SEC also announced the new directors to replace those who resigned when the company officially reorganized March 23, 2017. They include Robert F. Heineman who is director and chairman of the board; Douglas E. Brooks, Matthew d. Cabell, Samuel Langford, Kenneth W. Moore and Gysle Shellum.