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CHAP - Chaparral Energy: 2023 Note Maturity May Be An Insurmountable Obstacle
Chaparral Energy Inc. Class A
Chaparral Energy (CHAP) appears to have a high chance of eventually restructuring again, after having previously emerged from bankruptcy in 2017. This is reflected by its bonds dropping under 30 cents on the dollar. Chaparral's unsecured bonds still were significantly under par (and yielding 17% to maturity) when spot oil prices reached the mid-$60s in April 2019, so it will have major challenges refinancing those 2023 bonds.
Chaparral may be able to keep cash burn to a minimal level going forward, allowing it to survive for a while longer. However, without a massive