Oil and gas company Chaparral Energy Inc. filed for chapter 11 protection yesterday, the latest victim of low oil prices that continue to devastate the industry, the Wall Street Journal reported today. The Oklahoma City-based oil and gas driller filed for chapter 11 protection as it works to negotiate the terms of a debt-for-equity swap with its lenders and bondholders that will slash $1.2 billion in debt off its books. The company intends to continue operating without interruption throughout the restructuring and is seeking court approval to continue paying its employee and royalties to mineral owners. Chaparral skipped a March interest payment to bondholders and said it would default on the bonds, and thus all $1.6 billion of its debt, at the expiration of a 30-day grace period. Read more. (Subscription required.)
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