Author: Joshua Mann

Lonestar Resources will look to cut $390 million of funded debt obligations and preferred equity from the company’s balance sheet.

The company could end up splitting in two as part of the restructuring.

The company will extinguish more than $100 million in debt owed under a term loan.

The company has fallen on the wrong side of exchange rules.

The company is also dealing with lawsuits in New York over unpaid wages.

The project will likely cost hundreds of millions of dollars to build.

This structure — an all-stock combination with little to no premium applied to either party — has gotten more common in recent years.

The confirmation order comes a couple of days ahead of the schedule Hi-Crush was targeting when it filed for bankruptcy.

The company is in the midst of a governance and ownership dispute that calls into question the legitimacy of the initial bankruptcy filing.

The company has reached a deal with its creditors that will cut debt in exchange for equity.