Bonanza Creek Energy Inc., which filed for bankruptcy protection earlier this year, said a court has approved its plan, and it intends to emerge from bankruptcy before the end of April.
Denver-based Bonanza Creek (NYSE: BCEI) said its approved bankruptcy plan will see the company emerge with $200 million of new capital.
“The court’s confirmation of our prepackaged plan represents a significant step toward completing our successful financial restructuring. We will emerge as a strong and deleveraged company with a competitive business plan that will position us well vis a vis our industry peers," said Richard Carty, president and CEO, in a statement.
"The prepackaged plan equitizes over $867 million of unsecured debt, eliminates over $50 million in annual cash interest, and completes a new capital raise of $200 million through the rights offering," the company said.
Read more at the Denver Business Journal: http://bit.ly/2o0rl5Q