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Legacy Reserves Enters into Second Forbearance Deal with Lenders
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Legacy Reserves Inc. has entered into second forbearance agreements with its lenders under its reserve based revolving credit facility and its lenders under its second lien term loan.
The company previously entered into forbearance agreements with the RBL Lenders and Second Lien Lenders that were scheduled to terminate on 5:00 p.m. (ET) on June 7, 2019. The forbearance period now extends through 11:59 p.m. (ET) on June 12, 2019, and will terminate upon the earlier of the end of the forbearance period or the occurrence of a specified forbearance termination event.
Legacy has retained Perella Weinberg Partners and its affiliate, Tudor Pickering Holt & Co., as financial advisor and Sidley Austin LLP as legal advisor to assist Legacy in evaluating and exploring potential strategic alternatives.
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