Vanguard Natural Resources Inc. (fka VNRRQ)

[56Chevy]

Vanguard Natural Resources, Inc. Files for Chapter 11 Protection

PR NewswireApril 1, 2019, 5:00 AM MDT

HOUSTON, April 1, 2019 /PRNewswire/ -- Vanguard Natural Resources, Inc. (VNRR) (together with its wholly owned subsidiaries, collectively, "Vanguard" or the "Company") today announced that the Company has voluntarily filed petitions for relief under chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division (the "Court").

The Company has obtained a committed $130 million debtor-in-possession financing facility (the "DIP Facility"), which contemplates $65.0 million in new money, up to $20.0 million of which will become immediately available upon Bankruptcy Court approval and $65.0 million of which will roll up obligations in respect of revolving loans under the Company's existing credit agreement. The DIP Facility is underwritten by Citibank, N.A. Subject to Court approval, this DIP financing, combined with the Company's cash from operations, is expected to provide sufficient liquidity during the chapter 11 cases to support its continuing business operations and minimize disruption.

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Source:
https://finance.yahoo.com/news/vanguard-natural-resources-inc-files-110000933.html

Marker:
Vanguard Natural Res (VNRR)
0.375 0.0 (0.00%)
Volume: 4,401

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