California Resources Emerges From Chapter 11 Bankruptcy

摘要

California Resources emerges from Chapter 11 bankruptcy process and its new stock will begin NYSE trading on Oct. 28 1.Chapter 11 case cancelled pre-existing debt, consolidated CRC’s ownership in Elk Hills power plan and cryogenic gas plant 2.Entered into a new revolver with $1.2 billion borrowing base and commitment level of $540 million with a net borrowed position of $37 million at emergence 3.New capital structure also includes $200m second-lien term loan and $300 million secured notes due 2027 issued to Ares 4.Has more than $345 million of available liquidity.