Vanguard Natural Resources Inc.

Vanguard Natural Resources Inc. completed its financial restructuring and emerged from Chapter 11 as a new limited liability company under the name of Grizzly Energy LLC.

Through its financial restructuring, the company eliminated more than $500 million of secured debt from its balance sheet and significantly enhanced its financial flexibility. At its emergence, the company is entering into an amended and restated $65 million reserve-based revolving credit facility, a first lien term loan A facility of $65 million and a "last out" first lien term loan B facility of $285 million. The initial borrowing base under the revolving credit facility shall be $65 million, with the first scheduled redetermination of the revolving credit facility borrowing base in April 2020. Grizzly will emerge from Chapter 11 with approximately $375 million of funded debt and $47 million of liquidity comprised of more than $7 million in cash and $40 million of unused revolver capacity.