Akin Gump Advises Magnum Hunter Resources Corporation Noteholders Through Chapter 11 Plan Confirmation
Contact:
(New York) – Magnum Hunter Resources Corporation and certain of its wholly-owned subsidiaries announced that the U.S. Bankruptcy Court for the District of Delaware has confirmed its chapter 11 plan of reorganization. Akin Gump is serving as legal counsel to an ad hoc group of holders of Magnum Hunter’s senior unsecured notes in their capacity as prepetition lenders and postpetition debtor-in-possession (DIP) lenders.
Confirmation of the plan is a critical and near-final step toward Magnum Hunter’s emergence from chapter 11, which will conclude a balance sheet restructuring process that de-leverages substantially all of the company’s approximately $1 billion pre-bankruptcy funded indebtedness and converts 100 percent of its post-filing DIP financing into equity pursuant to a consensual debt-to-equity exchange.
Arik Preis and Michael Stamer, partners in Akin Gump’s financial restructuring practice, led the team advising the noteholders.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
# # #
