Vanguard Natural Resources emerges from Chapter 11

By Wendy Van Sickle

Columbus, Ohio, Aug. 1 – Vanguard Natural Resources, LLC completed its financial restructuring and emerged from Chapter 11 as a new corporation under the name of Vanguard Natural Resources, Inc., according to a news release Tuesday evening.

Through its financial restructuring and the sale of non-core assets while in Chapter 11, the company said it wiped out about $820 million of secured and unsecured debt from its balance sheet and significantly enhanced its financial flexibility.

At its emergence, Vanguard is entering into an amended and restated $850 million reserve-based revolving credit facility and a $125 million term loan facility.

The company has total debt outstanding of $936 million and cash on hand of about $17 million for total liquidity of about $137 million.

The company also announced its new board members.

"We are very pleased to have completed this reorganization and look forward to working with our new equity holders and board members in charting a new course for the company,” Scott W. Smith, president and chief executive officer, said in the release.

“I want to thank all of the parties with whom we worked to craft a restructuring plan that, upon exit, has the company on a sound financial footing."

Vanguard is a Houston-based oil and gas exploration and development company. The company filed for bankruptcy on Feb. 1, 2017 under Chapter 11 case number 17-30560.

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