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Eagle Ford E&P With Acreage In Gonzales & DeWitt Files Bankruptcy
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Lonestar Resources US Inc. has entered into a restructuring agreement with its largest stakeholders and has filed Chapter 11 bankruptcy as part of the RSA.
The agreement will eliminate approximately $390 million in debt.
Frank D. Bracken III, Chief Executive Officer of the Company, said: “We have carefully considered our options in the unprecedented environment faced by the energy industry and concluded that a consensual restructuring is in the best interest of the Company. In combination with our efforts to meaningfully reduce our capital and operating costs, the significant reduction in leverage that this transaction will afford the Company will position Lonestar to be highly competitive going forward."
The Company is represented in this matter by Latham & Watkins LLP, Hunton Andrews…
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