Legacy Reserves Inc.
Description
Legacy Reserves Inc. has entered into forbearance agreements and its lenders under its second lien term loan. The loans provided under the revolving credit facility matured on May 31, 2019. Legacy also announced that it has elected not to make its interest payments on June 3, 2019 with respect to its outstanding 8% senior notes due 2020, 6.625% senior notes due 2021, and 8% convertible senior notes due 2023. Non-payment of this interest is not an event of default under the indentures governing the unsecured notes, but would become an event of default if the payments are not made within 30 days.