Vanguard Natural Resources Wins Approval of Its Bankruptcy Plan (1)

Bankrupt Vanguard Natural Resources Inc. won court approval of its bankruptcy plan, which will cut debt by more than $500 million.

The approval, by Judge David R. Jones of the U.S. Bankruptcy Court for the Southern District of Texas, followed slight tweaks to the confirmation order discussed in a July 9 hearing.

The Houston-based company aims to emerge from bankruptcy as early as next week, a company attorney said.

Vanguard received about 30 formal and informal objections related to the plan, most of which were resolved prior to the hearing, counsel said.

The plan will give Vanguard Natural access to ...