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Denbury Resources(NYSE: DNR) has agreed to a restructuring support agreement with the majority of its creditors to eliminate $2.1 billion of the company's bond debt. As a result, Denbury plans to file for Chapter 11 bankruptcy later this week to implement this pre-packaged plan.
In addition to eliminating much of its legacy debt, Denbury's existing lenders will provide the company with up to $615 million of debtor-in-possession financing. This funding will allow it to continue its normal course of operations throughout the court-supervised process.