Chaparral Energy said March 21 it successfully completed its reorganization agreement and emerged from bankruptcy with more than $100 million in liquidity.In May 2016, Chaparral filed voluntary petitions for Chapter 11 bankruptcy in the U.S. Bankruptcy Court of Delaware. As part of the reorganization, the company converted $1.2 billion of pre-petition debt to equity and eliminated about $100 million of annual interest expense.Chaparral’s new capital structure includes its cash on hand, a reserve-based lending facility with an initial borrowing base of $225 million and an additional $150 million term loan. Both the revolver and loan will mature in four years. The company also received an additional $50 million in cash from an equity offering.
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