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Debt Financing / Related, Restructuring / Reorganization, Other Pre-Announcement

Sundance Energy Inc (US) Says Initiates Voluntary, Prepackaged Chapter 11 Process

Published: 03/10/2021 03:17 GMT
(SNDE) - Company Initiates Voluntary, Prepackaged Chapter 11 Process That Will Eliminate Over $250 Million of Funded Debt Obligations.
Chapter 11 Process Expected to Conclude in Approximately 60 Days.
Enters Chapter 11 Process With at Least $45 Million of Committed Dip Financing.
Secured Commitments From Some Term Loan Lenders for at Least $45 Million in Debtor-in-possession Financing.
Sundance - Sundance Entered Into a Restructuring Support Agreement ("rsa") With Administrative Agent.
Recapitalized Balance Sheet Will Include $137.5 Million of Funded Indebtedness.
Sundance Energy- Recapitalized Balance Sheet to Include New Common Equity Interests Issued in Exchange for Dip Financing Claims and Term Loan Claims.
Rsa and Prepackaged Plan Contemplate That Unsecured Trade Creditors Will Be Paid in Full Under Prepackaged Plan.
Expects to Continue Operations Uninterrupted Through Chapter 11 Process.