Extraction Oil & Gas cleared for exit from bankruptcy
DENVER — Extraction Oil & Gas Inc. (OTCMKTS: XOGAQ) has been given a green light to emerge from Chapter 11 bankruptcy early next year.
A judge in the U.S. Bankruptcy Court of Delaware confirmed the Denver-based oil producer’s bankruptcy plan last week, allowing the holders of the company’s $1.13 billion in senior debt notes to agree to cancel that debt in exchange for 97% of the company’s stock that it plans to issue.
Extraction is the fourth-largest energy operator in Weld County, producing a little over 18 million barrels of oil and more…
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