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Emerges from Chapter 11 Process Having Eliminated Over $250 Million of Funded Debt Obligations
Company Now a Private Entity Under New Ownership and Guided by a New Board of Directors
DENVER, April 23, 2021 (GLOBE NEWSWIRE) Sundance Energy Inc. and its affiliates (“Sundance” or the “Company”), an onshore independent oil and natural gas company focused on the development of large, repeatable resource plays in North America, today announced that it has successfully completed its financial restructuring and implemented its prepackaged plan of reorganization (the “Prepackaged Plan”), which was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on April 19, 2021. Sundance has emerged from Chapter 11 protection in a strengthened financial position having eliminated over $250 million of funded debt obligations. Unsecured trade creditors will be paid in full in accordance with the Prepackaged Plan.
Company initiates voluntary, prepackaged Chapter 11 process that will eliminate over $250 million of funded debt obligations
Chapter 11 process expected to conclude in approximately 60 days
All operations to continue as usual; employees, vendors, royalty owners, and other trade creditors to continue being paid in full in the ordinary course of business
Enters Chapter 11 process with at least $45 million of committed DIP financing
DENVER, March 09, 2021 (GLOBE NEWSWIRE) Sundance Energy Inc. (NASDAQ: SNDE) and its affiliates (“Sundance” or the “Company”), an onshore independent oil and natural gas company focused on the development of large, repeatable resource plays in North America, today announced that it has filed for voluntary Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas to effectuate a transaction that will strengthen the Company’s balance sheet and best position Sundance for sustained future success. All operations will