Chaparral Energy (CHAP) was already heavily leveraged before, but the oil price crash has left it teetering on the edge of another bankruptcy filing. Chaparral borrowed an additional $90 million under its credit facility to give it additional liquidity, and its lenders followed that up with a substantial borrowing base reduction.
Chaparral now has a $75 million borrowing base deficiency, although it can likely pay that off over the next six months. Chaparral's ability to handle a fall borrowing base reduction is limited though, and it may not be able to generate positive cash