Chaparral Energy Able To Tap $141M In Cash Collateral

By Vince Sullivan (May 11, 2016, 10:26 PM EDT) -- Bankrupt oil and gas exploration firm Chaparral Energy Inc. will get the green light to use cash collateral from prepetition lenders after hashing out an agreement Wednesday at a first-day hearing in its Chapter 11 case.

During the hearing in Wilmington, attorneys for Chaparral and the prepetition lenders agreed to the use of the cash from a $550 million revolving credit facility. The company said it has about $152 million in cash on hand after making a large draw on the facility in February, but needed the lenders' permission to use the money to fund its operations in bankruptcy. About $141...

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