Chaparral Energy seeks 90-day exclusivity extension amid negotiations

By Caroline Salls

Pittsburgh, Sept. 1 – Chaparral Energy, Inc. asked the U.S. Bankruptcy Court for the District of Delaware to extend the company’s exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Thursday.

Chaparral wants to extend its exclusive plan-filing period by 90 days to Dec. 5 and the solicitation period by 90 days to Feb. 3.

Since its bankruptcy filing date, the company said it has been working with its pre-bankruptcy lenders and an informal committee to reach a framework for a plan.

Chaparral said the parties have exchanged numerous term sheets, and the company believes that significant progress has been made toward a consensual plan.

“Accordingly, the debtors believe that extending the exclusive periods will provide all parties involved in the negotiations the opportunity to reach an agreement on the terms of a consensual plan that will maximize the interests of all of the debtors’ creditors and other parties in interest,” the motion said.

A hearing is scheduled for Oct. 13.

Based in Oklahoma City, Chaparral is an oil and gas company. It filed for bankruptcy on May 9 under Chapter 11 case number 16-11144.

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