Denbury Resources (NYSE:DNR) says it expects to file for Chapter 11 bankruptcy protection on or before July 30.
The company says it entered into a restructuring support agreement with lenders and bondholders for a pre-packaged plan that will eliminate $2.1B of bond debt.
Denbury’s existing lenders will provide a debtor-in-possession revolving loan that will roll into an exit facility with up to $615M in availability.
The company earlier this month elected not to make a ~$3M interest payment on senior notes, and two weeks before that skipped an $8M interest payment.
