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Vanguard Natural Resources emerges from Chapter 11, eliminating $820M of debt

Vanguard Natural Resources LLC on Aug. 1 completed its financial restructuring under Chapter 11, emerging as Vanguard Natural Resources Inc. and clearing its balance sheet of about $820 million in debt.

As part of the restructuring, Vanguard will get an amended $850 million reserve-based revolving credit facility and a $125 million term loan facility, according to a news release. The company's total liquidity is $137 million, including about $17 million in cash on hand and after total debt outstanding of $936 million.

After conducting noncore asset sales during the restructuring, Vanguard's asset position as of June 30 includes total estimated proved reserves of 1,390 Bcfe, 66% of which is natural gas, and 677,869 gross acres in the Pinedale, Piceance, Arkoma, Gulf Coast and Permian basins, the company reported.

Vanguard also has 20.1 million common shares outstanding, to be traded on the OTCQX market. The new listing will be effective in the third quarter.

Vanguard's new board of directors is made up of Scott Smith, president and CEO, and Richard Robert, executive vice president and CFO, along with outside directors Michael Alexander, Graham Morris, R. Scott Sloan and Chairman Joseph Citarrella.

"We look forward to working closely with management to conduct a thorough strategic review of the company's asset base and development plan in order to maximize long-term shareholder value," the board said in the release.

Evercore Partners Inc. served as financial adviser, Paul Hastings LLP served as legal counsel, and Opportune LLP served as restructuring adviser for the company.