Bloomberg Law
March 16, 2021, 8:51 PM

HighPoint Wins Bid to Speed Bankruptcy Plan Confirmation Hearing

Daniel Gill
Daniel Gill

HighPoint Resources Corp. will expedite its Chapter 11 proceedings, after a judge set aside the government’s objection and approved a reorganization plan confirmation hearing just four days after the bankruptcy filing.

The oil and gas driller’s prepackaged plan, with terms worked out before the bankruptcy filing, is centered on an agreement in which Bonanza Creek Energy Inc. will acquire HighPoint. The plan calls for distributing equity in the combined company to HighPoint’s noteholders and pre-bankruptcy shareholders.

Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware, who approved HighPoint’s request to speed up the proceedings, ...