Debt | Bankruptcy / Restructure Update | Capital Markets | Bankruptcy Exit
Penn Virginia Exits Bankruptcy; Borrows $200 Million
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Penn Virginia Corporation announced that it has exited its Bankruptcy. During the bankruptcy proceedings the company was able to extinguish/restructure about $1.1 billion in debt.
The company has also announced that its liquidity is based on a new senior secured revolving credit facility led by Well Fargo with a maximum of $200 million, however the initial amount is $128 million.
The company also noted that it has $75.4 million drawn on the credit facility.
The company currently has no operated rigs.
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