Bankruptcy / Restructure Update | Deals - Acquisition, Mergers, Divestitures | Capital Markets
HighPoint Files Chapter 11 Ahead of Merger with Bonanza Creek
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HighPoint Resources Corp. has filed for bankruptcy following a special meeting of shareholders.
The company is also in the midst of a pending merger deal with Bonanza Creek Energy Inc., which was struck in early November 2020 and is valued at $376 million.
HighPoint has filed customary motions with the Court seeking a variety of "first-day" relief, including authority to pay owner royalties, employee wages and benefits, and certain vendors and suppliers in the ordinary course for goods and services provided.
The entities included in the filing are:
- HighPoint Resources Corporation
- HighPoint Operating Corporation
- Fifth Pocket Production, LLC
Advisors
Kirkland & Ellis LLP is serving as legal advisor, Tudor, Pickering, Holt & Co. / Perella Weinberg Partners are serving as financial advisor, and AlixPartners, LLP is serving as restructuring advisor to HighPoint. Evercore is serving as financial advisor and Vinson & Elkins LLP is serving as legal advisor to Bonanza Creek. Akin Gump LLP is serving as legal advisor to an informal group of HighPoint noteholders that have signed the TSA. J.P. Morgan Securities LLC also served as an advisor to HighPoint.
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