Finance & Investing | Bankruptcy / Restructure Update | Capital Markets | Bankruptcy Exit | Name Change

Denbury Exits Bankruptcy

Share Print Bookmark    |    Friday,September 18,2020

Denbury Inc. has successfully completed its financial restructuring and emerged from Chapter 11. 

The company eliminated $2.1 billion of bond debt as a result of the restructuring.

Additionally, Denbury has changed its corporate name from Denbury Resources Inc. to Denbury Inc.  Denbury’s common stock is expected to commence trading on the New York Stock Exchange under the ticker symbol DEN at market open Monday, September 21, 2020.

Chris Kendall, Denbury’s President and CEO, commented, “Today is an important day for Denbury and all of our stakeholders.  Having quickly and efficiently completed our restructuring process, Denbury is now a stronger company with the financial flexibility to continue building on our unique CO₂ EOR focused strategy for many years to come.  As a result of this process, we are better positioned to compete in a dynamic and evolving energy market and capitalize on the many opportunities ahead, including leveraging our expertise and our strategic assets into an emerging carbon capture, use, and storage business.  As we move forward, we are committed to maintaining a strong balance sheet.

“On behalf of all of us at Denbury, I would like to thank our customers, vendors and other business partners for their unwavering support over the last several months.  I would also like to thank our creditors for their confidence in Denbury, which enabled us to quickly and efficiently complete this financial restructuring process.  Finally, I am grateful to our dedicated employees whose determination and hard work have allowed us to continue performing at a high level while remaining focused on safe, responsible and efficient operations.”

Kirkland & Ellis LLP is acting as legal counsel to Denbury, Evercore Inc. is acting as financial advisor and Alvarez & Marsal is serving as restructuring advisor.