The prepackaged plan includes approval of Denver-based HighPoint Resources’ pending $376 million merger with Bonanza Creek Energy Inc., which the companies had agreed to last November.
HighPoint Resources Corp. has filed voluntary petitions under Chapter 11 of the Bankruptcy Code on March 14 in the United States Bankruptcy Court for the District of Delaware.
McDermott International Ltd. has invested in Lummus Technology Holdings I LLC, a holding company of Lummus Technology, on March 8.
Offshore drilling rig contractor Seadrill said on March 4 it had taken an additional $2.9 billion non-cash impairment on its assets due to a bleak outlook for the sector, which has reduced demand for its drilling rigs.
Based in Houston, Loretta Cross and John Baumgartner join Grant Thornton as managing directors who will be part of the firm’s strategy and transactions practice.
Alongside its emergence from bankruptcy, Chesapeake Energy also unveiled a commitment to achieve net-zero greenhouse gas direct emissions by 2035 among other environmental targets.
Extraction Oil & Gas also instituted a new governance model that strives for “environmental leadership through low-impact operations, emission reductions and reporting,” says the company’s new chairman, Benjamin Dell.
Extraction Oil & Gas is a customer of Grand Mesa Pipeline, a subsidiary of NGL Energy Partners that provides takeaway capacity for crude oil producers in the D-J Basin where Extraction’s operations are focused.
The bankruptcy plan will allow Chesapeake Energy to emerge "a stronger and more competitive enterprise," spokesman Gordon Pennoyer said.
Chesapeake Energy's value has soared since its June bankruptcy filing, the U.S. judge overseeing the natural gas producer's trial indicated, and is worth $5.13 billion, far above the shale gas pioneer's estimate.