Legacy Reserves Inc., a shale oil and gas explorer in Texas’s Permian basin, will file for Chapter 11 bankruptcy protection after reaching a deal with creditors that would slash its debt and give it an infusion of fresh cash.
The restructuring deal, which would still need approval from other creditors and a Texas bankruptcy judge, is backed by Blackstone Group LP’s GSO Capital Partners, the credit investor that provided the company with rescue financing amid the oil slump in 2016. Legacy Reserves is the latest energy firm to succumb to the lingering effects of that slump despite a resurgent oil ...
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