Chaparral Energy emerges from Chapter 11; eliminates $1.2 Billion in debt, $100 Million in annual interest expense

Chaparral Energy announced today that it has successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy protection. The company, whose financial reorganization plan was confirmed by the U.S. Bankruptcy Court of Delaware on March 10, converted $1.2 billion of pre-petition debt to equity and eliminated approximately $100 million of annual interest expense. More »