RTTNews | Sep 30, 2020 01:57AM EDT

01:56 Wednesday, September 30, 2020 (RTTNews.com) - 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.

Read the original article on RTTNews ( https://www.rttnews.com/3132408/oasis-petroleum-enters-restructuring-support-agreement-with-lenders-files-for-chapter-11.aspx)

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