Extraction Oil & Gas Inc., Denver, has emerged from Chapter 11 and appointed Tom Tyree as chief executive officer, Matt Owens as president and chief operating officer, and Marianella Foschi as chief financial officer (OGJ Online, Mar. 5, 2020).
The company has concluded its reorganization after completing all required actions and satisfying the remaining conditions of its plan of reorganization. The company filed for petitions for relief under chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the District of Delaware in June 2020.
A new, seven-member board of directors has been appointed.
Extraction’s capital structure now includes a new $1.0 billion reserve-based lending facility with an initial borrowing base of $500 million maturing in July 2024.
Pro forma for the repaid DIP facility and drawings under the new RBL facility, the restructuring resulted in a net reduction of $1.3 billion in funded debt and preferred equity.
