Under the deal, the lenders of the Utica and Marcellus focused explorer’s $1 billion debt and its $200 million term facility that will fund the company coming out of bankruptcy protection, will control 100% of the equity of the company, Magnum Hunter said when announcing the move.
The company’s board is searching for a chief executive but for now the role will be shared by chief financial officer Joseph Daches and senior vice president of business development Rick Farrell.
