Oil and gas driller Vanguard Natural Resources Inc. filed for bankruptcy on Sunday, the second time it has sought court protection from creditors in as many years.
The Houston-based company filed for Chapter 11 protection in Texas, citing burdensome hedging positions, changes to its credit lines that strained liquidity, and investments that didn’t pan out. Chief Executive Officer Richard Scott Sloan said in a court declaration the company filed to obtain a “breathing spell” and access to financing.
The petition -- filed with $130 million of debtor-in-possession financing committed -- estimates up to $10 billion in assets. In Sloan’s declaration, ...
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