A judge has approved Chaparral Energy Inc.'s plan to exit bankruptcy, wiping out $1.2 billion in debt from the Oklahoma City-based company, the Tulsa (Okla.) World reported today. Chaparral, a company of nearly 350 employees, expects to emerge from bankruptcy by the end of March, the company said yesterday. Under the plan, Chaparral's unsecured bondholders and general unsecured creditors will own all of the company's ownership interest, subject to some dilution. "Thanks to the hard work of everyone involved with this process, Chaparral will emerge from chapter 11 within the next few weeks as one of the most financially stable oil and gas companies of its size in the industry," CEO K. Earl Reynolds said. Read more.
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