Vanguard Natural Resources wins extension to preserve progress on plan

By Caroline Salls

Pittsburgh, May 31 – Vanguard Natural Resources, LLC obtained an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

The company’s exclusive filing period was extended to Aug. 15 and the solicitation period to Oct. 16.

Although it already filed a plan and disclosure statement, Vanguard said it is continuing to negotiate with key stakeholders who have not yet agreed on the terms of the plan, including its RBL lenders.

The company said it has made substantial progress with the steering committee of the RBL lenders and other creditor constituencies, and it “believes that approval of Vanguard’s disclosure statement and confirmation of Vanguard’s Chapter 11 plan of reorganization are within reach.”

According to the motion, the proposed extension would preserve the progress Vanguard has made.

Vanguard is a Houston-based oil and gas exploration and development company. The company filed for bankruptcy on Feb. 1 under Chapter 11 case number 17-30560.

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