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Texas Energy Co. Sheds $820M In Ch. 11 Consummation

Law360, New York (August 2, 2017, 7:19 PM EDT) -- Houston-based oil and natural gas developer Vanguard Natural Resources said Tuesday it has consummated a prenegotiated Chapter 11 plan and emerged from bankruptcy with $936 million in total outstanding debt, after lightening the load by $820 million.

The reorganized company’s restructuring plan officially went into effect Tuesday, after a Texas bankruptcy judge approved the debtor's proposals last month. The grand bargain includes distributions from the sale of certain oil and gas properties, issuance of new notes, more than $250 million in new equity investments, and installment...
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