Legacy Reserves Inc. succumbed to bankruptcy, filing for Chapter 11 protection after ill-timed acquisitions and an unsuccessful attempt to sell the oil and gas driller.
Creditors will wind up owning the Midland, Texas-based company under a plan filed late June 18 in the U.S. Bankruptcy Court for the Southern District of Texas. A restructuring support agreement includes its credit facility lenders, term loan holder GSO Capital Partners and about 55% of its bondholders, including Canyon Partners and Doubleline Capital, court papers show.
The deal, which needs approval from a bankruptcy judge, aims to cut $1 billion of Legacy’s $1.4 billion ...
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