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Oil & Gas Technical Compendium

Denbury Resources enters Chapter 11 with new DIP loan

Denbury Resources Inc. became the latest debt-laden oil producer to seek bankruptcy protection in the aftermath of a pandemic-fueled plunge in crude prices.The Plano, Texas-based driller filed for Chapter 11 reorganization in the U.S. Bankruptcy Court for the Southern District of Texas. It joins a long list of other oil and gas producers that have been forced to seek protection in recent months. The most well-known of those names, Chesapeake Energy Corp., filed for Chapter 11 in June.Denbury elected in mid-July to skip paying about $3 million of interest on notes maturing in 2023, triggering a 30-day grace period before it entered a formal default. It listed almost $2.3 billion of borrowings in a recent regulatory filing.The U.S. energy ind.....

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