Vanguard Natural Resources Inc.
Description
Vanguard Natural Resources Inc. announced that the company has voluntarily filed petitions for relief under chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division.
The company has obtained a committed $130 million debtor-in-possession financing facility, which contemplates $65 million in new money, up to $20 million of which will become immediately available upon Bankruptcy Court approval and $65 million of which will roll up obligations in respect of revolving loans under the company’s existing credit agreement.