Emerges from Chapter 11 Process Having Eliminated Over $250 Million of Funded Debt Obligations
Company Now a Private Entity Under New Ownership and Guided by a New Board of Directors
DENVER, April 23, 2021 (GLOBE NEWSWIRE) — Sundance Energy Inc. and its affiliates (“Sundance” or the “Company”), an onshore independent oil and natural gas company focused on the development of large, repeatable resource plays in North America, today announced that it has successfully completed its financial restructuring and implemented its prepackaged plan of reorganization (the “Prepackaged Plan”), which was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on April 19, 2021. Sundance has emerged from Chapter 11 protection in a strengthened financial position having eliminated over $250 million of funded debt obligations. Unsecured trade creditors will be paid in full in accordance with the Prepackaged Plan.
“Today, I'm proud to say that we've emerged from our financial restructuring process having strengthened our financial structure by significantly deleveraging our balance sheet and positioning our business for sustained future success. With this stronger financial foundation, along with the support of our new ownership and Board of Directors, we look forward to an exciting new chapter for Sundance Energy,” said Eric McCrady, Sundance's President and Chief Executive Officer. “I am confident that Sundance and our entire team is well equipped to focus on our core competencies while navigating volatility in the market price of crude oil and …
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