Oklahoma oil and gas producer Chaparral Energy Inc. is claiming a key advantage as it launches a bankruptcy turnaround effort: $152 million in bank accounts beyond the reach of secured lenders. Dozens of oil and gas companies have dropped into bankruptcy in recent years, taken down by falling commodity prices. Chaparral was following the same path when, in February, it drew down the maximum allowed on its top-ranking loan. On Monday, Chaparral filed for chapter 11 bankruptcy protection with funds still in the bank. Instead of being forced to make concessions to lenders that would tie its hands in a restructuring, which is what often happens in bankruptcy, the cash gives the Oklahoma company a measure of freedom. When Chaparral appears Wednesday for its debut hearing in the U.S. Bankruptcy Court in Wilmington, Del., it will seek court orders allowing it to cover payroll and pay essential bills, as […]