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VNRSQ Commons receive distributions , News just out

Vanguard Natural Resources, LLC Announces Settlement with Ad Hoc Equity Committee PR Newswire "Press Releases US - English"

HOUSTON , July 14, 2017 /PRNewswire/ -- Vanguard Natural Resources, LLC (OTC: VNRSQ) ("Vanguard" or "the Company") has reached a settlement with the Ad Hoc Equity Committee (the "Equity Committee"). Under the agreement, the Equity Committee agrees to (i) withdraw any and all objections to the Debtors' plan of reorganization and (ii) fully support the Debtors' Second Amended Joint Plan of Reorganization, as amended (the "Modified Plan"). The Modified Plan will include the following amended terms, among others:


The Modified Plan extends the expiration deadline for new warrants from three years to three and a half years for both preferred and common units of the Company.
Holders of the Company's common units will receive distributions of new warrants regardless of whether two-thirds of the common units vote as a class to accept the Company's Modified Plan.
The definition of "Exculpated Parties" will be amended to add the Ad Hoc Equity Committee.
The Modified Plan provides for the payment of up to $350,000 of reasonable and documented fees and expenses of the advisors to the Ad Hoc Equity Committee in addition to those previously agreed upon. No further fees and expenses of such advisors will be allowed or payable.

Furthermore, all deposition notices and other discovery propounded by the Equity Committee against any other party are deemed immediately withdrawn and any scheduled depositions are canceled.

The Equity Committee recommends that holders of the Company's common units who have not voted to vote in favor of the Modified Plan by Monday, July 17, 2017 at noon Central Standard Time . The Equity Committee also recommends that holders of the common units who initially voted to reject the Company's unmodified plan of reorganization to submit new ballots accepting the Modified Plan by the deadline. New ballots can be obtained through Broadridge Voting at proxyvote.com or through Prime Clerk LLC at https://cases.primeclerk.com/payless/EBallot-Home.