Bankruptcy / Restructure Update | Financial Trouble | Capital Markets
Vanguard Natural Resources Files for Bankruptcy
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Vanguard Natural Resources has filed for chapter 11 bankruptcy protection.
Under the Restructuring Support Agreement, the Restructuring Support Parties agreed to support a plan of reorganization for the Company that would include:
a fully committed $19.25 million equity investment by the consenting holders of the Second Lien Notes; and a $255.75 million rights offering that is fully backstopped by the consenting holders of the Senior Notes due 2020 and Senior Notes due 2019.The Company would eliminate approximately $708 million in debt under the Company's reserve-based credit facility and senior unsecured debt.
The Company has obtained a committed $50 million debtor-in-possession (DIP) financing facility underwritten by Citibank, N.A., JPMorgan Securities LLC and Wells Fargo Bank…
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