Plus   Neg

Oasis Petroleum Enters Restructuring Support Agreement With Lenders; Files For Chapter 11

Oasis Petroleum Inc. (OAS) said the company and certain of affiliates filed voluntary petitions for reorganization under Chapter 11. The company plans to reduce total indebtedness by $1.8 billion. Upon emergence, the company expects to have approximately $340 million of borrowings under the credit facility.

Oasis Petroleum has entered into a restructuring support agreement with substantially all of its lenders in revolving credit facility and holders of 52% of the aggregate principal amount of bonds on a comprehensive "pre-prepackaged" restructuring plan.

Oasis Petroleum anticipates that the restructuring process will be completed on an accelerated timeframe allowing for an emergence in November 2020. The company has received a commitment for $450 million in debtor-in-possession financing from existing lenders. Also, Oasis has entered into a commitment letter for an exit revolving credit facility with borrowing capacity up to $575 million.

Oasis Midstream Partners (OMP) and subsidiaries are not included in Oasis Petroleum's Chapter 11 proceedings.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Telecom giant AT&T, Inc. reported Thursday a 24 percent decline in profit for the third quarter, primarily hurt by lower revenues across all its operating segments amid the impact from COVID-19 pandemic. Adjusted earnings for the quarter met analysts' expectations, while quarterly revenues topped their estimates. A Brazilian volunteer, who participated in a clinical trial of the COVID-19 vaccine developed by AstraZeneca and Oxford University, has died, Brazilian health authority Anvisa said. Oxford university reportedly confirmed the plan to continue the trial after careful assessment that there have been no concerns about safety of the clinical trial. NASA's Osiris-Rex robotic spacecraft briefly touched down on near-Earth asteroid Bennu's surface on Tuesday to collect rock and dust samples that will be brought back to Earth in 2023. Bennu is currently more than 200 million miles, or 321 million kilometres, from Earth. Osiris-Rex launched from Cape Canaveral Air Force Station in Florida in September 2016.
Follow RTT