12 Feb 2021substantial holder notice● Neutral
Lord, Abbett & Co. LLC reported no remaining Chaparral Energy, Inc. shareholding in its periodic institutional filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Feb 2021substantial holder notice● Neutral
Contrarian Capital Management, L.L.C reported no remaining Chaparral Energy, Inc. shareholding in its periodic institutional filing.
14 Oct 2020listing compliance notice▼ BadMajor
Chaparral Energy, Inc. terminated the registration of a class of securities, ending its reporting obligation for them.
9 Oct 2020securities registration● Neutral
Chaparral Energy, Inc. amended an already-effective registration statement.
1 Sept 2020listing compliance notice● NeutralMajor
Chaparral Energy, Inc.'s exchange filed to remove a class of its securities from listing.
19 Aug 2020listing compliance notice▼ BadMajor
On August 17, 2020, the NYSE began delisting proceedings against Chaparral's common stock because of the Chapter 11 filing and suspended trading that day; the company will not appeal. The stock began being quoted over-the-counter on August 18, with no assurance that it continues. The company warns shareholders could see a significant or complete loss. This follows the earlier price-based NYSE notices and the restructuring plan.
17 Aug 2020quarterly activities report▼ Bad
Chaparral Energy, Inc. reported quarterly revenue of $15.9 million and a net loss of $438.7 million for the period ended 2020-06-30.
17 Aug 2020bankruptcy or receivership▼ BadMajor
After the forbearance period, Chaparral signed a Restructuring Support Agreement on August 15, 2020 with holders of about 78% of its bank loans and about 78% of its 8.75% senior notes, to be carried out through a prepackaged Chapter 11 plan in Delaware (the filing's dates indicate the cases were filed August 16). The roughly $300 million of senior notes would convert into 100% of the new common stock, subject to dilution, with rights to join a fully backstopped $35 million convertible note offering, and bank lenders would get cash and new loans under a $300 million exit facility. All existing common stock would be cancelled with no distribution on it, but holders who do not object to the plan or opt out of releases would share $1.2 million of cash plus warrants (or $0.01508 per share for certain holders who do not hold through DTC). The company's own advisor values the reorganized equity at $70-160 million, below the $300 million and $350 million warrant strike prices, and the warrants would lose value in a sale or merger. Strategic Value Partners also gave up its two board designees and agreed not to oppose the plan.
10 Aug 2020late filing notice▼ Bad
Chaparral Energy, Inc. notified the SEC that its quarterly report would be filed late.
4 Aug 2020debt financing▼ BadMajor
Chaparral chose not to make the $12.5 million (plus interest) borrowing base deficiency payment due August 3, 2020, which is an event of default under both the credit agreement and the senior notes indenture. This is the missed payment the earlier forbearance deals anticipated. The lender forbearance runs to August 9 (extendable to August 14) and the noteholder forbearance and waiver runs to August 14, so lenders and noteholders are holding off on remedies for now.
31 July 2020debt financing● NeutralMajor
The company says the July 31 hedge milestone was met: all hedges were unwound and part of the proceeds repaid credit facility borrowings (the filing gives no amount). A Second Amendment on July 29 extended the bank forbearance from July 29 to August 9, extendable by agreement to August 14. On July 30 holders of at least 75% of the senior notes agreed to forbear and waive default over the $12.5 million August deficiency payment, but not over the roughly $13.1 million interest payment, which is still unpaid with its grace period ending August 14. Restructuring talks with lenders and noteholders continue.
27 July 2020debt financing● NeutralMajor
Continuing the July 15 forbearance with its bank lenders, Chaparral's lenders approved the plan to unwind its hedges on July 22. A First Amendment effective July 24 requires the company, by 3:00 p.m. Eastern on July 31, to unwind all hedges and use proceeds to repay part of the credit facility. If net proceeds are $33 million or less, the repayment is $24 million or the total proceeds, whichever is less; above $33 million, it is the amount over $9 million. This repayment cannot count toward the remaining borrowing base deficiency payments, including the $12.5 million due by August 2, and the hedge unwind will not automatically cut the borrowing base.
15 July 2020debt financing▼ BadMajor
On July 15, 2020 Chaparral chose not to pay a roughly $13.1 million interest payment on its 8.75% senior notes due 2023; the 30-day grace period ends Aug 14, 2020. Its bank lenders agreed to hold off on remedies until July 29, 2020, subject to milestones including a plan to unwind hedges and pay down loans, with default-rate interest meanwhile. The company says it is discussing a comprehensive restructuring of its debt with lenders and noteholders.
29 June 2020director interest notice● Neutral
Chaparral Energy, Inc. director Samuel E. Langford exercised stock options for 10,000 shares and disposed of 20,000 shares.
29 June 2020director interest notice● Neutral
Chaparral Energy, Inc. director Douglas E Brooks exercised stock options for 10,000 shares and disposed of 20,000 shares.
29 June 2020director interest notice● Neutral
Chaparral Energy, Inc. director Gysle R. Shellum exercised stock options for 10,000 shares and disposed of 20,000 shares.
29 June 2020director interest notice● Neutral
Chaparral Energy, Inc. director Kenneth W Moore exercised stock options for 10,000 shares and disposed of 20,000 shares.
29 June 2020director interest notice● Neutral
Chaparral Energy, Inc. director Marcus C Rowland exercised stock options for 20,000 shares and disposed of 40,000 shares.
12 May 2020quarterly activities report● Neutral
Chaparral Energy, Inc. reported quarterly revenue of $48.9 million and net income of $4.9 million for the period ended 2020-03-31.
11 May 2020quarterly activities report● Neutral
Chaparral Energy, Inc. reported quarterly revenue of $48.9 million and net income of $4.9 million for the period ended 2020-03-31.
20 Apr 2020director interest notice● Neutral
Chaparral Energy, Inc. CFO and SVP Scott Clifford Pittman disposed of 220,833 shares via option/appreciation-right settlement.
20 Apr 2020director interest notice● Neutral
Chaparral Energy, Inc. VP-Geoscience Hoeve Mark Wallace Ver disposed of 147,252 shares via option/appreciation-right settlement.
6 Apr 2020debt financing▼ BadMajor
On April 2, 2020 Chaparral drew $90 million on its credit facility as a precaution, raising debt to $250 million and cash to $109.9 million. That night lenders cut the borrowing base from $325 million to $175 million, creating a $75 million deficiency. The company must propose a fix by April 16, possibly six monthly installments starting with $12.5 million by May 2, and missing repayment would be a default.
5 Mar 2020listing compliance notice▼ Bad
On Feb 28, 2020 the NYSE sent Chaparral another notice that its share price averaged below $1.00 over 30 trading days, with a new six-month cure period. The filing does not say what happened to the earlier November 2019 notice (inference: it was resolved or lapsed in between, but this is not stated). The company says operations and debt agreements are unaffected.
14 Feb 2020substantial holder notice● Neutral
Silver Point Capital, L.P, Edward A. Mul&#, Robert J. O'Shea reported no remaining Chaparral Energy, Inc. shareholding in its periodic institutional filing.
14 Feb 2020substantial holder notice● Neutral
Lord, Abbett & Co. LLC reported a Chaparral Energy, Inc. shareholding of 2,890,930 shares (6.23% of votes) in a periodic institutional filing.
14 Feb 2020substantial holder notice● Neutral
Sunrise Partners Limited Partnership, Paloma International, L.P, Paloma Partners Management Company, Paloma Partners Advisors LP, Paloma Partners Advisors, Inc, Gregory Hayt, S. Donald Sussman reported a Chaparral Energy, Inc. shareholding of 2,733,654 shares (5.89% of votes) in a periodic institutional filing.
12 Feb 2020substantial holder notice● Neutral
Contrarian Capital Management, L.L.C reported a Chaparral Energy, Inc. shareholding of 4,204,662 shares (9.10% of votes) in a periodic institutional filing.
26 Dec 2019substantial holder notice● Neutral
Strategic Value Partners, LLC, SVP Special Situations III LLC, SVP Special Situations IV LLC, SVP Special Situations III-A LLC, Victor Khosla reported a Chaparral Energy, Inc. shareholding of 13,902,367 shares (30.00% of votes) in a periodic institutional filing.
15 Nov 2019listing compliance notice▼ BadMajor
On Nov 11, 2019 the NYSE told Chaparral its shares had averaged below $1.00 over 30 trading days, breaching the minimum price rule. It has six months to cure, and the stock stays listed meanwhile with a .BC marker. The company says business operations and debt agreements are not affected.