Oklahoma City-based independent Chaparral Energy Inc. has emerged from bankruptcy for a second time, this time as a privately held company.

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The Anadarko Basin-focused exploration and production (E&P) firm said it has equitized all $300 million of its unsecured senior notes due 2023, reduced its annual interest expense by more than $25 million and “significantly enhanced its financial flexibility.”

The company also announced a new board. Charles Duginski, who joined Chaparral in 2019 as president and CEO, will remain at the helm.

Under the reorganization, lenders received a full recovery of their claims, management said, adding that the firm operated normally and without interruption during the restructuring process.

Chaparral has obtained a $300 million exit revolving...