California Resources (CRC) announced completion of its financial restructuring and emergence from Chapter 11 bankruptcy. The company's joint plan of reorganization cancelled pre-existing debt, consolidated ownership in the Elk Hills power plant and cryogenic gas plant, and provided payment of trade and contingent claims. CRC has settled with Ares Management to acquired 100% of the Elk Hills power plant and cryogenic plant in exchange for 20.8% equity in CRC and $300 million of secured notes. $4.4 billion of loans and notes have been equitized with 32.5% of common stock issued to debtholders.
CRC has a new board of directors including chair Mark McFarland, Douglas, Brooks, Tiffany Cepak, James Chapman, Julio Quintana, and William Roby, and Brian Steck. Todd Stevens will continue to serve as a director of CRC.