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CHAP - Chaparral Energy Moves Closer To Restructuring After Skipping Bond Interest Payment
Chaparral Energy Inc. Class A
I noted before in a previous article that I thought that Chaparral Energy (CHAP) may not make its July 15 unsecured bond interest payment. This came true, and it now appears to be on a clear path towards restructuring after taking the grace period on that interest payment and entering into a forbearance agreement with its credit facility lenders. The forbearance agreement also calls for Chaparral to unwind its hedges and use most/all of the proceeds to pay down part of its credit facility debt.
Chaparral is discussing a potential restructuring agreement with