On June 14, 2020, Extraction voluntarily filed for relief under chapter 11 of the U.S. Bankruptcy Code. Prior to filing for chapter 11, Extraction reached an agreement with certain of our debt investors to retire a large portion of the Company’s debt in exchange for equity. We have also secured interim financing to continue funding the Company’s obligations and ongoing operations during the restructuring process.
This decision was not taken lightly. We believe this restructuring process is in the best interest of our company, our employees and our stakeholders. We are confident that the outcome will be a stronger balance sheet that better aligns with Extraction’s assets and strategy. In other words, we made this difficult decision because we believe that this process will ultimately make us a better and stronger company positioned to not only survive, but thrive in the future.
If you are a third party looking for claims information, or if you would like more information about the restructuring process, please visit our noticing agent website at http://www.kccllc.net/extractionog.