Item 1 Legal Proceedings
−Removed: On the July 15, 2020, we filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court.
−Removed: The Chapter 11 Cases filed by us are being jointly administered under the caption In re California Resources Corporation, et al.
+Added: On July 15, 2020, we filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court.
+Added: The Chapter 11 Cases filed by us were jointly administered under the caption In re California Resources Corporation, et al.
20-33568 (DRJ).
−Removed: See Part I, Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations, Business Environment and Industry Outlook, Voluntary Petitions for Relief Under Chapter 11 of the Bankruptcy Code for more information.
+Added: See Part I, Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations, General, Chapter 11 Proceedings for more information.
Subject to certain exceptions under the Bankruptcy Code, the filing of the Chapter 11 Cases automatically stayed, among other things, the continuation of most judicial or administrative proceedings or the filing of other actions against or on behalf of us or our property to recover on, collect or secure a claim arising prior to July 15, 2020 or to exercise control over property of our bankruptcy estates, unless and until the Bankruptcy Court modifies or lifts the automatic stay as to any such action or judicial or administrative proceeding.
−Removed: Notwithstanding the general application of the automatic stay described above, governmental authorities may determine to continue actions brought under regulatory powers.
+Added: Notwithstanding the general application of the automatic stay described above, government authorities may determine to continue actions brought under regulatory powers.
+Added: On October 13, 2020, the Bankruptcy Court confirmed our Amended Debtors’ Joint Plan of Reorganization Under Chapter 11 of the Bankruptcy Code , which was conditioned on certain items such as obtaining exit financing.
+Added: On October 27, 2020 the conditions to effectiveness of the Plan were satisfied and we emerged from Chapter 11 on the Effective Date.
+Added: Upon effectiveness of the Plan, the automatic stay discussed above no longer applies to ongoing judicial or administrative proceedings.
For additional information regarding legal proceedings, see Item 1 – Financial Statements, Note 8 Lawsuits, Claims, Commitments and Contingencies in the Notes to the Condensed Consolidated Financial Statements included in Part I of this Form 10-Q, Part I, Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations, Lawsuits, Claims, Commitments and Contingencies in this Form 10-Q, and Part I, Item 3, Legal Proceedings in our Form 10-K for the year ended December 31, 2019.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.