Chisholm Oil Files Bankruptcy Plan to Shed $482 Million of Debt

Chisholm Oil and Gas Operating LLC intends to reduce its secured debt by about $482 million and hand ownership to its lender base, according to its newly filed bankruptcy plan.

The Chapter 11 plan, filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware, reflects a pre-bankruptcy restructuring agreement Chisholm reached with holders of $263 million in secured debt and the shale driller’s private equity owners, Apollo Global Management and Ares Management Corp.

Chisholm proposes to emerge from bankruptcy without interrupting its Anadarko Basin operations by swapping the bulk of its $517 million of funded debt for company ...