$LGCYQ DIP Financing and Blackstone Group invests “NEW EQUITY”
Legacy Reserves Gets Court OK for DIP Financing
Legacy Reserves Inc. (LGCYQ), which filed for bankruptcy in June, said it received court approval for up to $350 million of debtor-in-possession financing.
The company listed $1.42 billion in assets and $1.68 billion in liabilities in its filing. On Tuesday, Legacy said it expects to have ample liquidity during its chapter 11 cases.
Blackstone Group's LP's (BX) credit arm agreed to invest new equity as part of a restructuring agreement.
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