Chaparral: Chaparral Energy exits bankruptcy as private operator

By Jack MoneyBusiness writerjmoney@oklahoman.comChaparral Energy announced Wednesday it cleared its bankruptcy process, enabling it to continue operating with improved financial flexibility.Under its reorganization plan (supported by creditors), the company equitized all $300 million of its unsecured 8.75% senior notes due in 2023, reduced its annual interest expense by more than $25 million and significantly enhanced its financial flexibility, company officials said."We are very pleased to have completed this efficient and consensual reorganization in under 60 days, and we look forward to working with our stakeholders and newly-appointed board members in charting a course as a private company with firmer financial footing," Chuck Duginski, Chaparral's CEO, stated as part of the announcement.Read more on NewsOK.com