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Denbury Resources Pre-Packaged Plan Confirmed By Court

Vinson & Elkins is counsel to JPMorgan Chase Bank, N.A. in connection with Denbury Resources Inc.’s restructuring and prepackaged voluntary chapter 11 bankruptcy cases filed in the U.S. Bankruptcy Court for the Southern District of Texas, whose plan was confirmed on September 2, 2020, 34 days after the filing of the bankruptcy cases.  Under the confirmed plan, Denbury strengthened its balance sheet by restructuring over $2 billion of bond debt and continuing a reserve based facility with JPMorgan.  JPMorgan was the administrative agent under Denbury’s $615,000,000 first lien revolving credit facility, is the administrative agent under Denbury’s debtor-in-possession financing facility, and will be the administrative agent under Denbury’s exit financing facility upon emergence from chapter 11 subject to the terms and conditions of the exit financing facility commitment.

The V&E team was led by partners Erec Winandy and Bill Wallander in collaboration with partner Paul Heath, senior associates Rafael Alvarado and Matt Pyeatt, and associates Alex Moosariparambil, Matt Struble and Trevor Spears. Also advising were partner Tzvi Werzberger and counsel Farah Paliwala.

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