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ARTICLE · 23 MARCH 2021

What We're Reading This Week [March 22, 2021]

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Bloomberg reports that HighPoint Resources Corp. received approval for its chapter 11 reorganization plan, clearing the way for its merger with Bonanza Creek Energy Inc.

United StatesInsolvency/Bankruptcy/Re-Structuring
Kyle J. Tum Suden
Kyle J. Tum Suden
Sean Scott
Sean Scott
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Aaron Gavant
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Bloomberg reports that HighPoint Resources Corp. received approval for its chapter 11 reorganization plan, clearing the way for its merger with Bonanza Creek Energy Inc. less than one week after filing for bankruptcy protection.  The fully-consensual plan, which carried the support of more than 99% of impaired claimants, deleverages HighPoint's balance sheet by approximately $625 million vis-à-vis an unsecured debt-for-equity swap and an issuance of new unsecured notes totaling $100 million.  Existing equityholders are even slated to receive 1.6% of the new equity in the combined company.  [Bloomberg; Mar. 18, 2021].

WSJ analyzes the impact that insurance coverage may have on the viability of the Boy Scout's chapter 11 reorganization and potential for emergence from bankruptcy.  According to the latest disclosure statement, filed March 16, the Boy Scouts intend to pay out sexual abuse claims from a pool made up of assets from local scouting organizations,

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