Templar Energy to Liquidate, Senior Lenders ‘Deeply Impaired’

Independent oil and gas driller Templar Energy LLC plans to liquidate and wind-down operations during its Chapter 11 bankruptcy, court papers show.

• Templar has support from lenders under a reserve-based credit facility to sell off assets and pay trade creditors in full as part of a liquidating plan, Brian Simmons, chief executive officer of Templar Operating LLC says in a court declaration
• Claims under the reserve-based facility are “deeply impaired,” Simmons says, meaning it won’t be repaid in full
  • Co. owes about $426m under the RBL facility
• Templar has already filed a liquidating Chapter 11 plan and proposes a hearing ...