Chaparral Energy Inc. has reached a short-term agreement with its lenders, buying the Oklahoma City-based oil and natural gas producer more time to complete negotiations, The Oklahoman reported today. Chaparral said in a regulatory filing yesterday that it has reached a forbearance agreement with senior noteholders and other lenders who agreed to not exercise their right to call the note due at least until April 15, as long as all other conditions of the agreement are met. Chaparral said its loans were considered in default after the company last week failed to make a $16.5 million interest payment within the 30-day grace period, and after its independent auditors said they had "substantial doubt" over the company's ability to continue as a going concern. Chaparral said it owed $1.6 billion as of the end of 2015. The company borrowed another $141 million in February, maximizing its credit limit. The company said it had $176 million in cash as of March 30. "If we are unable to reach an agreement with our creditors prior to any of the above described accelerations, we could be required to file for protection under chapter 11 of the U.S. Bankruptcy Code," Chaparral said last week.
