Anadarko Basin-focused Chaparral Energy Inc. said Monday a voluntary bankruptcy protection plan is in the offing to reduce debt and continue operating. 

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The Oklahoma City-based independent, which filed Chapter 11 petitions in U.S. Bankruptcy Court for the District of Delaware, has a restructuring support agreement (RSA) with funded debt holders to equitize $300 million of existing obligations and receive $175 million to bolster liquidity. Chaparral also filed for bankruptcy in 2016.

With creditor support, the restructuring should be “completed relatively quickly,” management said. Chaparral in May signaled it was facing restructuring as it released rigs contracted to drill wells and halted completion activities following the historic plunge in demand in the wake of the...