Joele Frank handles Denbury Resources as a Texas court approves its pre-packaged bankruptcy plan to restructure its balance sheet to eliminate $2.1B in debt.

The Plano, TX oil and gas company filed for Chapter 11 due to soft energy prices/demand, negative impact of COVID-19 and heavy debt.

The company focuses on the Gulf Coast and Rocky Mountain regions and specializes in retrieving reserves from mature fields with its carbon dioxide enhanced oil recovery operations.

CEO Chris Kendall expects Denbury to emerge from Chapter 11 in mid-September as a stronger business with significant financial flexibility.

Joele Frank, Wilkinson Brimmer Katcher’s Andrew Siegel, Michael Freitag and Andrew Squire represent Denbury.