Item 1.03 Bankruptcy or Receivership.
On
As previously disclosed, the Prepackaged Plan includes the following key features. Capitalized terms used in the summary below but not otherwise defined herein have the meaning given to such terms in the Prepackaged Plan.
• Cancellation of Notes Claims in Exchange for Bonanza Creek Common Stock andNew Bonanza Creek Senior Notes. Holders of Allowed Notes Claims will receive their pro rata share of (i) 9,314,214 shares of Bonanza Creek common stock, which will constitute approximately 30.4% of the fully diluted aggregate outstanding shares of Bonanza Creek common stock (subject to dilution as contemplated by the terms set forth in the Merger Agreement and the Prepackaged Plan), and (ii)$100 million in principal of newly issued 7.5% senior notes due 2026 of Bonanza Creek. • Cancellation of Existing HPR Interests in Exchange for Bonanza Creek Common Stock. Holders of Existing HPR Interests will receive their pro rata share of 490,221 shares of Bonanza Creek common stock, which will constitute approximately 1.6% of the fully diluted aggregate outstanding shares of Bonanza Creek common stock (subject to dilution as contemplated by the terms set forth in the Merger Agreement and the Prepackaged Plan). • Exit RBL Facility. The capital structure of Bonanza Creek following the consummation of the transactions contemplated by the Prepackaged Plan will include a senior secured credit facility with aggregate available commitments (drawn and undrawn, collectively) of not less than$250 million in principal amount. Allowed RBL Claims are unimpaired under the Prepackaged Plan. • Operational Claims Unimpaired. Holders of Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Other Secured Claims, Allowed Other Priority Claims, and Allowed General Unsecured Claims are unimpaired under the Prepackaged Plan.
The consummation of the Prepackaged Plan will be subject to the conditions set
forth in the Prepackaged Plan, the Merger Agreement, the
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Item 8.01 Other Events.
On
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits Exhibit Number Description 99.1 Confirmation Order, filedMarch 18, 2021 . 99.2 Press Release dated as ofMarch 18, 2021 . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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