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Chaparral Energy Bankruptcy Plan Confirmed

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The U.S. Bankruptcy Court confirmed Chaparral Energy’s First Amended Joint Plan of Reorganization.

As previously reported, “Effective as of the Effective Date, the Bank of New York Mellon, in its capacity as escrow agent pursuant to the Subscription Escrow Agreement (as defined in the Backstop Commitment Agreement), and its Related Persons shall neither have nor incur any liability to any Entity for any Claims or Causes of Action arising prior to or on the Effective Date for any act taken or omitted to be taken in connection with, or related to, the Backstop Commitment Agreement, the Noteholders Rights Offering, or the issuance or distribution of the New Equity Interests; provided that the exculpation set forth in this paragraph shall have no effect on the liability of any Entity that results from any such act or omission that is determined in a Final Order to have constituted gross negligence actual fraud, or willful misconduct.”

This oil and natural gas explorer and producer filed for Chapter 11 protection on May 9, 2016, listing $1.3 billion in pre-petition assets.

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