Item 1.03 Bankruptcy or Receivership.

On March 18, 2021, the United States Bankruptcy Court for the District of Delaware confirmed the prepackaged plan of reorganization (the "Prepackaged Plan") of HighPoint Resources Corporation ("HighPoint") and entered a confirmation order (the "Confirmation Order). The Prepackaged Plan implements the merger and restructuring transactions pursuant to the Agreement and Plan of Merger, dated as of November 9, 2020, by and among Bonanza Creek Energy, Inc. ("Bonanza Creek"), HighPoint and Boron Merger Sub, Inc. (the "Merger Agreement"), and the Transaction Support Agreement, dated as of November 9, 2020, by and among HighPoint, HighPoint Operating Corporation, Fifth Pocket Production, LLC, certain consenting holders of HighPoint Operating Corporation's 7.0% Senior Notes due October 15, 2022 and 8.75% Senior Notes due June 15, 2025, and certain consenting HighPoint stockholders (the "TSA").

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
          and New 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 TSA and related transaction documents. The foregoing description of the Prepackaged Plan does not purport to be complete and is qualified in its entirety by reference to the complete Prepackaged Plan, which is attached as Exhibit A to the Confirmation Order. The Confirmation Order is attached hereto as Exhibit 99.1 and is hereby incorporated by reference into this Item 1.03.

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Item 8.01 Other Events.

On March 18, 2021, HighPoint issued a press release announcing the confirmation of the Prepackaged Plan. A copy of the press release is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference into this Item 8.01.

Item 9.01 Financial Statements and Exhibits.




(d)  Exhibits



Exhibit
Number       Description

99.1           Confirmation Order, filed March 18, 2021.

99.2           Press Release dated as of March 18, 2021.

 104         Cover Page Interactive Data File (embedded within the Inline XBRL
             document).

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