Vanguard Natural Resources hopes to emerge from bankruptcy July 15

By Caroline Salls

Pittsburgh, July 10 – Vanguard Natural Resources, Inc. is targeting July 15 as the effective date for its plan of reorganization, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

As previously reported, the plan was confirmed on Tuesday by the U.S. Bankruptcy Court for the Southern District of Texas.

Vanguard said it expects to be reorganized as a Delaware limited liability company named Grizzly Energy, LLC.

Under the plan, each of the company’s equity securities outstanding immediately before the effective date, including any options and warrants to purchase those securities, will be canceled after the effective date.

The reorganized parent’s new organizational documents will authorize the company to issue new equity, some of which will be issued to holders of allowed claims under the plan.

Vanguard is a Houston-based oil and gas exploration and development company. The company filed bankruptcy on March 31 under Chapter 11 case number 19-31786.

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