Chaparral Energy Files for Bankruptcy Protection – WSJ

Oil and gas company Chaparral Energy Inc. filed for chapter 11 bankruptcy protection Monday, the latest victim of low oil prices that continue to devastate the industry.

The Oklahoma City-based oil and gas driller filed for chapter 11 protection in U.S. Bankruptcy Court in Wilmington, Del., as it works to negotiate the terms of a debt-for-equity swap with its lenders and bondholders that will slash $1.2 billion in debt off its books.

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