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Saddled with Over $1.0B in Debt, Penn Virginia Files for Bankruptcy
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Penn Virginia Corporation announced that it and certain of its subsidiaries have filed voluntary petitions for relief under chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Virginia, Richmond Division, to facilitate the deleveraging of their consolidated balance sheet through a prearranged restructuring that will reduce the Company's long-term debt by more than $1 billion.
In connection with the chapter 11 filing, the Company announced its entry into a restructuring support agreement with holders of 87% (or $1.03 billion) of the Company's nearly $1.20 billion in total funded-debt obligations. Subject to Court approval, the Company has received a commitment for $25 million in debtor-in-possession (DIP) financing from its RBL…
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