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Legacy Eyes Prepackaged Ch. 11 To Cut $900M In Debt

Law360 (June 11, 2019, 3:30 PM EDT) -- Struggling oil and gas producer Legacy Reserves Inc. said Tuesday that it will soon file for Chapter 11 with a prepackaged plan that would cut $900 million from its debt load and inject $200 million in new equity.

Legacy, which has both traditional and fracking operations in Texas and elsewhere, had been dogged by rumors for weeks that bankruptcy was on the horizon.

In its statement, the company gave only the broad strokes of its proposed bankruptcy plan and said it has a debtor-in-possession loan lined up with existing creditors that would refinance an unspecified amount of its current debt and...

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