Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Bonds

Vanguard Natural Resources Plan Confirmed

The U.S. Bankruptcy Court issued an order confirming Vanguard Natural Resources' Modified Second Amended Joint Plan of Reorganization. As previously reported, "The Lender Claims shall be Allowed in an aggregate principal amount of $1,248,945,000 plus (x) any accrued and unpaid interest (whether pre or Post-Petition Date) at the non-default rate provided in the Credit Agreement through and including the Effective Date, and (y) all pre- and post-Petition Date fees, expenses, and other charges (including professional fees and expenses) payable by the Debtors in accordance with the terms of the Credit Agreement….The Second Lien Notes Claims shall be Allowed in the aggregate principal amount equal to $78,075,297, plus accrued and unpaid postpetition interest at the non-default rate through the Effective Date pursuant to the Second Lien Notes and the Indenture Trustee Fees and Expenses owed to the Second Lien Notes Trustee….The Senior Notes Claims are Allowed in the amount of (i) (A) $51,833,550 due under the 2019 Senior Notes and (B) $391,853,038 due under the 2020 Senior Notes, plus (ii) if Allowed, accrued and unpaid interest (but excluding any amounts included in clauses (A) or (B)), premiums, fees and costs and expenses, including, without limitation, attorney's fees, trustee's fees, and other professional fees and disbursements, and other obligations owing under the Senior Notes Indentures." The oil and natural gas acquisition company filed for Chapter 11 protection on February 1, 2017, listing $2.7 billion in pre-petition assets.

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