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Vanguard Bankruptcy Plan Summarized

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BankruptcyData’s detailed analysis and summary of Vanguard Natural Resources’ Modified Second Amended Joint Plan of Reorganization, dated July 17, 2017, is now available. The U.S. Bankruptcy Court confirmed the Plan on July 18, 2017; however, an effective date has not yet been issued.

BankruptcyData notes, “The Plan provides for the reorganization of the Debtors as a going concern and will significantly reduce long-term debt and annual interest payments of the Reorganized Debtors, resulting in a stronger, de-levered balance sheet. Specifically, the Plan provides for the following: A Rights Offering, consisting of a $10.176081 million rights offering, a $117.698919 million rights offering, and a $127.875 million equity investment; a fully committed $19.25 million equity investment from the Second Lien Investors for shares of New Common Stock equal to 6.4% of the aggregate New Common Stock; a full recovery for Holders of Allowed Lender Claims consisting of cash in the amount of the Credit Agreement Interest plus cash in the amount of its pro rata share of the Glasscock Sale Proceeds; the issuance of new notes to Holders of Allowed Second Lien Notes Claims in an aggregate principal amount of approximately $78.075 million, plus accrued and unpaid post-petition interest through the Effective Date.”

BankruptcyData’s Plan Summary continues, “The Valuation Analysis estimates the range of a reorganization value of the Reorganized Debtors (the ‘Enterprise Value’) as assumed to be approximately $1,150 million to $1,500 million (with a midpoint of $1,325 million) as of an assumed Effective Date of September 30, 2017.” BankruptcyData subscribers receive access to the full summary, which provides further details on corporate background, events leading to Vanguard Natural Resources’ February 1, 2017 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.

Read more VNR bankruptcy news.

The post Vanguard Bankruptcy Plan Summarized appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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