Chaparral Energy entered Chapter 11 on August 16, 2020 as an Oklahoma City oil-and-gas E&P company with 102 employees, 212,000 net surface acres in the Mid-Continent and about 114,000 net acres in the STACK play. CEO Charles Duginski tied the filing to the 2020 commodity-price collapse, COVID-19 demand shock and an overlevered balance sheet: roughly $188.5 million was outstanding under the RBL facility and $300 million of senior notes sat behind it, after a borrowing-base cut from $325 million to $175 million created a $75 million deficiency source filing.

The case launched with a prepackaged plan backed by holders of about 78% of both RBL claims and senior notes, with trade claims reinstated, existing equity canceled, a $35 million backstopped convertible-note rights offering and a proposed $300 million exit facility source filing. On October 1, the court approved the disclosure statement and confirmed the amended plan: RBL and senior note classes voted to accept, general unsecured claims were unimpaired, equity classes were deemed to reject, and unresolved objections from TGS-NOPEC, CGG Land and USA Compression were overruled or otherwise resolved source filing.