Chaparral Files for Bankruptcy to Cut $1.2 Billion in Debt
- Oklahoma driller says it's still in talks on debt-equity swap
- Roster of 2016 bankruptcies is dominated by energy companies
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Chaparral Energy Inc. filed for bankruptcy protection as it continues talks with creditors to reach an exchange agreement that would cut bondholder debt by about $1.2 billion.
The Oklahoma City-based oil and gas explorer listed estimated liabilities of $1 billion to $10 billion in a Chapter 11 petition filed Monday in Delaware federal court and blamed its bankruptcy on the commodity slump that’s plagued the energy industry since oil started its slide in 2014.