Oasis Petroleum Enters Restructuring Support Agreement With Lenders; Files For Chapter 11

(RTTNews) - Oasis Petroleum Inc. (OAS) said the company and certain of affiliates filed voluntary petitions for reorganization under Chapter 11. The company plans to reduce total indebtedness by $1.8 billion. Upon emergence, the company expects to have approximately $340 million of borrowings under the credit facility.

Oasis Petroleum has entered into a restructuring support agreement with substantially all of its lenders in revolving credit facility and holders of 52% of the aggregate principal amount of bonds on a comprehensive "pre-prepackaged" restructuring plan.

Oasis Petroleum anticipates that the restructuring process will be completed on an accelerated timeframe allowing for an emergence in November 2020. The company has received a commitment for $450 million in debtor-in-possession financing from existing lenders. Also, Oasis has entered into a commitment letter for an exit revolving credit facility with borrowing capacity up to $575 million.

Oasis Midstream Partners (OMP) and subsidiaries are not included in Oasis Petroleum's Chapter 11 proceedings.