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Rosehill Resources Files Voluntary Bankruptcy Petitions

Gasoil News - Published on Tue, 28 Jul 2020

Image Source: Rosehill Resources Chapter 11 Bankruptcy
Rosehill Resources Inc and Rosehill Operating Company LLC announced that they have commenced voluntary Chapter 11 cases under the United States Bankruptcy Code in the US Bankruptcy Court for the Southern District of Texas, pursuant to the terms of the previously announced Restructuring Support Agreement between the Company, the lenders under Rosehill’s revolving first lien credit facility, holders of Rosehill’s second lien notes and the Company’s Series B Preferred Stock, and Tema Oil and Gas Company, as the holder of approximately 66.8% of the equity interests in the Company and 35.2% of the equity interests in Rosehill Operating and party to the Company’s Tax Receivable Agreement.

In connection with the Chapter 11 Cases, Rosehill has filed customary motions authorizing it to proceed with its operations in the ordinary course, including to enter into a USD 17.5 million junior convertible secured debtor-in-possession delayed-draw term loan facility and use cash collateral. The Company currently expects that the DIP facility will provide sufficient liquidity to meet its financial obligations during the duration of the Chapter 11 Cases. The Company expects to continue to operate its business during the Chapter 11 Cases without material disruption to its vendors, partners or employees.

Gibson, Dunn & Crutcher LLP and Haynes and Boone, LLP are acting as legal counsel, and Jefferies LLC and Opportune LLP are acting as financial advisors to Rosehill in connection with the Chapter 11 Cases.

Rosehill Resources Inc. is an independent oil and gas exploration company with assets positioned in the Delaware Basin portion of the Permian Basin. The Company’s strategy includes the focused development of its multi-bench assets in the Northern Delaware Basin and the Southern Delaware Basin, as well as adding economic drilling inventory to support future growth.

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Posted By : Yogender Pancholi on Tue, 28 Jul 2020
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