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Unit Corporation Files for Chapter 11 Bankruptcy Protection

May 23, 2020, 12:44 AM

Unit Corp. files for court protection from creditors in Houston to reduce obligations by more than $650 million, handing ownership to subordinated noteholders, per statement.

  • Holders of more than 70% of 6.625% senior subordinated notes due 2021 and all lenders to Senior Credit Agreement support plan
  • Plan comes with $36 million in debtor-in-possession financing
  • Co. expects replacement of the existing RBL facility and the DIP financing with a $180 million exit financing package
  • Affiliate Superior Pipeline Co. and subsidiaries aren’t included in the filing

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Rick Green in New York at rgreen18@bloomberg.net...

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