Filing Details

Accession Number:
0000950142-21-002130
Form Type:
13D Filing
Publication Date:
2021-06-27 20:00:00
Filed By:
GoldenTree Asset Management
Company:
California Resources Corp (NYSE:CRC)
Filing Date:
2021-06-28
SEC Url:
13D Filing
Ownership Summary

Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
GoldenTree Asset Management 0 13,825,262 0 13,825,262 13,825,262 16.5%
GoldenTree Asset Management 0 13,825,262 0 13,825,262 13,825,262 16.5%
Steven A. Tananbaum 0 13,825,262 0 13,825,262 13,825,262 16.5%
GoldenTree Distressed Master Fund III LTD 0 4,526,330 0 4,526,330 4,526,330 5.4%
Filing

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)*

 

CALIFORNIA RESOURCES CORPORATION

(Name of Issuer)

 

Common Shares, $0.01 par value per share

(Title of Class of Securities)

 

13057Q305*

(CUSIP)

 

George Travers

GoldenTree Asset Management LP

300 Park Avenue, 21st Floor

New York, New York 10022

(212) 847-3500

(Name, address and telephone number of person authorized to receive notices and communications)

 

June 24, 2021

(Date of event which requires filing of this statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. ☐

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 

 

CUSIP No. 13057Q305 SCHEDULE 13D Page 2 of 11

 

 

1

NAME OF REPORTING PERSON

 

GoldenTree Asset Management LP

 
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a) 

(b) 

3

SEC USE ONLY

 

 

 
4

SOURCE OF FUNDS

 

OO

 
5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

 

6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

 

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY EACH

REPORTING PERSON

WITH

7

SOLE VOTING POWER

 

0

8

SHARED VOTING POWER

 

13,825,262 (1)

9

SOLE DISPOSITIVE POWER

 

0

10

SHARED DISPOSITIVE POWER

 

13,825,262

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

13,825,262

 
12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

 

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

16.5% (2)

 
14

TYPE OF REPORTING PERSON

 

IA, PN

 

 

(1)

Represents (i) 13,510,388 common shares, $0.01 par value per share “Common Shares”) of the Issuer, and (ii) 314,874 Common Shares that would result from the exercise of 314,874 warrants of the Issuer entitling the holder thereof to purchase one Common Share at an exercise price of $36.00 per share (the “Warrants”).

(2)

Calculated using a denominator of 83,634,534, the sum of (i) 83,319,660 Common Shares outstanding as of April 30, 2021, as reported on the Issuer’s Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on May 13, 2021 (the “Form 10-Q”) and (ii) 314,874 Common Shares that would result in the event all of the Warrants beneficially owned by the Reporting Persons were exercised and no other outstanding Warrants were exercised.

 

 

 

 

CUSIP No. 13057Q305 SCHEDULE 13D Page 3 of 11

 

 

1

NAME OF REPORTING PERSON

 

GoldenTree Asset Management LLC

 
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a) 

(b) 

3

SEC USE ONLY

 

 

 
4

SOURCE OF FUNDS

 

OO

 
5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

 

6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

 

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY EACH

REPORTING PERSON

WITH

7

SOLE VOTING POWER

 

0

8

SHARED VOTING POWER

 

13,825,262 (1)

9

SOLE DISPOSITIVE POWER

 

0

10

SHARED DISPOSITIVE POWER

 

13,825,262

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

13,825,262

 
12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

 

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

16.5% (2)

 
14

TYPE OF REPORTING PERSON

 

HC, OO

 

 

(1)

Represents (i) 13,510,388 Common Shares of the Issuer, and (ii) 314,874 Common Shares that would result from the exercise of 317,874 Warrants.

(2)

Calculated using a denominator of 83,634,534, the sum of (i) 83,319,660 Common Shares outstanding, as reported on the Form 10-Q and (ii) 314,874 Common Shares that would result in the event all of the Warrants beneficially owned by the Reporting Persons were exercised and no other outstanding Warrants were exercised.

 

 

 

 

CUSIP No. 13057Q305 SCHEDULE 13D Page 4 of 11

 

 

1

NAME OF REPORTING PERSON

 

Steven A. Tananbaum

 
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a) 

(b) 

3

SEC USE ONLY

 

 

 
4

SOURCE OF FUNDS

 

OO

 
5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

 

6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United States of America

 

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY EACH

REPORTING PERSON

WITH

7

SOLE VOTING POWER

 

0

8

SHARED VOTING POWER

 

13,825,262 (1)

9

SOLE DISPOSITIVE POWER

 

0

10

SHARED DISPOSITIVE POWER

 

13,825,262

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

13,825,262

 
12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

 

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

16.5% (2)

 
14

TYPE OF REPORTING PERSON

 

HC, IN

 

 

(1)

Represents (i) 13,510,388 Common Shares of the Issuer, and (ii) Common Shares that would result from the exercise of 317,874 Warrants.

(2)

Calculated using a denominator of 83,634,534, the sum of (i) 83,319,660 Common Shares outstanding, as reported on the Form 10-Q and (ii) 314,874 Common Shares that would result in the event all of the Warrants beneficially owned by the Reporting Persons were exercised and no other outstanding Warrants were exercised.

 

 

 

 

CUSIP No. 13057Q305 SCHEDULE 13D Page 5 of 11

 

 

1

NAME OF REPORTING PERSON

 

GoldenTree Distressed Master Fund III LTD

 
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a) 

(b) 

3

SEC USE ONLY

 

 

 
4

SOURCE OF FUNDS

 

OO

 
5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

 

6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United States of America

 

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY EACH

REPORTING PERSON

WITH

7

SOLE VOTING POWER

 

0

8

SHARED VOTING POWER

 

4,526,330 (1)

9

SOLE DISPOSITIVE POWER

 

0

10

SHARED DISPOSITIVE POWER

 

4,526,330

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

4,526,330

 
12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

 

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

5.4% (2)

 
14

TYPE OF REPORTING PERSON

 

CO

 

 

(1)

Represents (i) 5,086,902 Common Shares of the Issuer, and (ii) 149,965 Common Shares that would result from the exercise of 149,965 Warrants.

(2)

Calculated using a denominator of 83,634,534, the sum of (i) 83,319,660 Common Shares outstanding, as reported on the Form 10-Q and (ii) 314,874 Common Shares that would result in the event all of the Warrants beneficially owned by the Reporting Persons were exercised and no other outstanding Warrants were exercised.

 

 

 

 

CUSIP No. 13057Q305 SCHEDULE 13D Page 6 of 11

 

 

ITEM 1. Security and Issuer.

 

This Amendment No. 5 to Schedule 13D (as so amended, the “Schedule 13D”) is being filed to amend the Schedule 13D originally filed with the SEC on November 6, 2020, as amended by Amendment No. 1 dated November 10, 2020, Amendment No. 2 dated May 20, 2021, Amendment No. 3 dated May 27, 2021, and Amendment No. 4 dated June 11, 2021, and relates to the common shares, $0.01 par value per share (the “Common Shares”), of California Resources Corporation (the “Issuer”). The address of the principal executive offices of the Issuer is 27200 Tourney Road, Suite 200, Santa Clarita, California.

 

ITEM 2. Identity and Background.

 

No material change.

 

ITEM 3. Source and Amount of Funds or Other Consideration.

 

No material change.

 

ITEM 4. Purpose of Transaction.

 

No material change.

 

 

 

 

 

 

CUSIP No. 13057Q305 SCHEDULE 13D Page 7 of 11

 

 

ITEM 5. Interest in Securities of the Issuer.

Item 5 is amended and restated as follows:

(a) and (b) Items 7 through 11 and 13 of each of the cover pages of this Schedule 13D and Item 3 are incorporated herein by reference. Such information is calculated using a denominator of 83,637,534, the sum of (i) 83,319,660 Common Shares outstanding, as reported on the Form 10-Q and (ii) 317,874 Common Shares that would result in the event all of the Warrants beneficially owned by the Reporting Persons were exercised and no other outstanding Warrants were exercised.

(c) The information in Item 3 and Item 4 is incorporated herein by reference. The table below specifies that date, amount and price per Common Share sold by certain Funds and Managed Accounts during the 60-day period prior to June 28, 2021.

 

Trade Date Amount of Common Shares Price per Common Share  
5/18/2021 200,000 $28.40  
5/18/2021 13,159 $28.47  
5/18/2021 60,118 $28.59  
5/18/2021 128,625 $28.71  
5/18/2021 8,935 $29.00  
5/18/2021 185,457 $29.03  
5/18/2021 125 $29.07  
5/19/2021 208,581 $28.76  
5/20/2021 84,555 $29.45  
5/20/2021 25,062 $29.52  
5/20/2021 186,871 $29.03  
5/21/2021 79,073 $29.60  
5/21/2021 24,038 $29.57  
5/24/2021 80,171 $29.83  
5/24/2021 1,862 $30.02  
5/24/2021 50,559 $30.02  
5/25/2021 344,020 $29.61  

 

 

 

   

 

 

CUSIP No. 13057Q305 SCHEDULE 13D Page 8 of 11

 

 

Trade Date Amount of Common Shares Price per Common Share  
5/26/2021 102,241 $29.54  
5/26/2021 19,385 $29.69  
5/27/2021 112,117 $30.01  
5/28/2021 65,029 $29.12  
6/1/2021 128,035 $30.16  
6/2/3021 138,755 $29.85  
6/3/2021 122,871 $29.61  
6/4/2021 60,374 $29.91  
6/07/2021 166,054 $32.99  
6/07/2021 11,900 $33.04  
6/07/2021 38,143 $33.22  
6/07/2021 134,154 $33.66  
6/07/2021 19,351 $33.83  
6/8/2021 30,398 $32.38  
6/9/2021 30,000 $32.78  
6/9/2021 71,842 $32.90  
6/9/2021 17,546 $32.92  
6/9/2021 179,763 $32.97  
6/10/2021 6,329 $32.53  
6/10/2021 15,076 $32.67  
6/10/2021 97,666 $32.67  
6/11/2021 10,500 $32.68  
6/11/2021 18,434 $33.31  
6/11/2021 16,550 $33.28  
6/11/2021 123,459 $33.32  
6/11/2021 2,940 $33.39  

 

  

 

 

CUSIP No. 13057Q305 SCHEDULE 13D Page 9 of 11

 

 

Trade Date Amount of Common Shares Price per Common Share  
6/11/2021 85,997 $33.17  
6/14/2021 53,445 $33.07  
6/14/2021 176,555 $33.4  
6/14/2021 10,809 $33.61  
6/21/2021 258,912 $32.77  
6/21/2021 47,000 $33.08  
6/21/2021 99,371 $33.09  
6/23/2021 51,367 $32.79  
6/23/2021 12,266 $32.97  
6/24/2021 41,430 $32.92  
6/24/2021 20,548 $32.95  
6/24/2021 103,860 $32.97  
6/25/2021 1,050,000 $33.23  
6/25/2021 143,081 $33.52  

 

The table below specifies that date, amount and price per Warrant sold by certain Funds and Managed Accounts during the 60-day period prior to June 28, 2021.

 

Trade Date Amount of Warrants Price per Warrant  
6/8/2021 2,676 $6.85  
6/14/2021 16,822 $7.86  
6/14/2021 4,400 $8.04  
6/15/2021 98,561 $7.75  

6/16/2021

6,810

$7.91

 

6/18/2021

4,849

$7.75

 
6/21/2021 10,677 $8.15  
6/23/2021 1,600 $8.1  
6/24/2021 4,500 $8.25  
6/25/2021 3,000 $8.10  

 

Except as set forth in this Schedule 13D, there have been no transactions in the Common Shares of the Issuer effected during the past 60 days by any person named in Item 2 hereof.

 

(d) The disclosure in Item 2(c) of this Schedule 13D is incorporated by reference herein.

 

(e) Not applicable.

 

ITEM 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

 

No material change.

 

 

 

 

 

CUSIP No. 13057Q305 SCHEDULE 13D Page 10 of 11

 

 

Item 7.

Material to Be Filed as Exhibits.

    

Exhibit   Description
     
99.1  

Agreement Regarding the Joint Filing of Schedule 13D by and among the Reporting Persons (previously filed). 

99.2   Form of Registration Rights Agreement between the Issuer, the Reporting Persons and certain other shareholders identified therein (incorporated by reference to Exhibit 10.1 of the Form 8-A12B)

 

 

 

 

 

 

CUSIP No. 13057Q305 SCHEDULE 13D Page 11 of 11

 

 

SIGNATURE

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

June 28, 2021

 

  GOLDENTREE ASSET MANAGEMENT LP  
     
  By: GoldenTree Asset Management LLC, its general partner  
     
  /s/ Steven A. Tananbaum  
  By: Steven A. Tananbaum  
  Title: Managing Member  
     
     
  GOLDENTREE ASSET MANAGEMENT LLC  
     
  /s/ Steven A. Tananbaum  
  By: Steven A. Tananbaum  
  Title: Managing Member  
     
     
  STEVEN A. TANANBAUM  
     
  /s/ Steven A. Tananbaum  
  Steven A. Tananbaum  
     
     
  GOLDENTREE DISTRESSED MASTER FUND III LTD  
     
  By: GoldenTree Asset Management LP, its investment advisor  
     
  /s/ Steven A. Tananbaum  
  By: Steven A. Tananbaum  
  Title: Authorized Person