Oklahoma shale driller Chaparral Energy Inc filed for Chapter 11 bankruptcy protection on Sunday, the latest U.S. energy sector casualty in recent months as COVID-19 crushes oil demand. The company’s assets and liabilities were in the range of $500 million to $1 billion, according to a court filing in the U.S. Bankruptcy Court in Delaware. It had around $421 million of debt outstanding at the end of 2019. Chaparral said it will restructure its balance sheet by equitizing all $300 million of its unsecured debt and will operate during the bankruptcy process with the help of $32 million in cash on hand as of Aug. 14 and operating cash flow. Lenders have been reining in on credit for shale drillers and Chaparral’s borrowing limit was recently reduced to $175 million from $325 million. Reuters reported in March Chaparral was working with debt restructuring advisers to shore up […]