Oil and gas company Chaparral Energy Inc. filed for chapter 11 bankruptcy protection Monday, the latest victim of low oil prices that continue to devastate the industry. The Oklahoma City-based oil and gas driller filed for chapter 11 protection in U.S. Bankruptcy Court in Wilmington, Del., as it works to negotiate the terms of a debt-for-equity swap with its lenders and bondholders that will slash $1.2 billion in debt off its books. Chief Executive Mark Fischer said Monday the balance-sheet restructuring will position Chaparral to “weather this down environment.” The company intends to continue operating without interruption throughout the restructuring and is seeking court approval to continue paying its employee and royalties to mineral owners Chaparral skipped a March interest payment to bondholders and said it would default on the bonds, and thus all $1.6 billion of its debt, at the expiration of a 30-day grace period. Chaparral joins […]