Chaparral Energy to miss bond payment, may file for bankruptcy

According to sources, U.S.-based private oil and gas firm Chaparral Energy would miss a mandatory 1 April 2016 coupon payment on its $300m bond.

Separately, the company, in its FY 2015 annual filing stated that it may look at the possibility of filing for a Chapter 11 bankruptcy.

Further, Chaparral had, on 1 March 2016, missed a $16.5m interest payment on another bond, kicking off a 30-day grace period.

As per its FY 2015 filing, Chaparral generated a net loss of $1.3bn for the period and had about $1.6bn in debt.

Chaparral drew down the balance on its $548m RCF in February. The lenders will re-determine the credit facility on 1 May 2016, and it expects its borrowing base to decrease significantly.

The company would then repay the outstanding balance within 30 days or in six monthly installments.

Source: Reuters

DTEK postpones bond coupon payment; awaits restructuring outcome

Ukraine-based coal mining and power generation firm DTEK postponed its bond coupon payment to await the outcome of its restructuring plan with lenders.

DTEK delayed a coupon payment of about $8.3m on its 10.375% bond due 2018 which was due to creditors on 29 March 2016.

DTEK’s subsidiary and bond issuer DTEK Finance PLC, in a regulatory filing on the London Stock Exchange, stated that coupon payments would be made in accordance with the terms of the restructuring proposal put forward to lenders.

Bonds as part of the company’s restructuring plan are its $750m bonds due 2018 paying 7.875% and $160m bonds due 2018 paying 10.375%.

Source: Interfax Ukraine