Vanguard Natural Resources Successfully Completes Financial Restructuring

August 02, 2017

Houston -- Paul Hastings LLP, a leading global law firm, announced today that the Firm represented Vanguard Natural Resources, LLC in its successful restructuring under Chapter 11 and emergence as a new corporation under the name of Vanguard Natural Resources, Inc. (“Vanguard”). The new corporation, which completed its financial restructuring in six months, is an independent oil and gas company focused on the acquisition, production and development of oil and natural gas properties.

Through its financial restructuring and the sale of non-core assets, Vanguard eliminated approximately $820 million of debt from its balance sheet and significantly enhanced its financial flexibility. In conjunction with Vanguard’s emergence from Chapter 11 it is entering into an amended and restated $850 million reserve-based revolving credit facility and a term loan facility of $125 million which will enable the company to operate business uninterrupted and continue to meet its financial obligations.

The Paul Hastings team was led by Corporate partner and energy capital markets practice leader Doug Getten, with significant involvement and leadership from Corporate partners Chris Dickerson and Lindsay Sparks, Tax partner Greg Nelson and Litigation partner Kevin Broughel; of counsels Michael Comerford and James Grogan; and associates Matthew Turner, Brian Carter, Isaac Griesbaum and Danny Newman.

Paul Hastings has advised Vanguard on a number of matters since 2014, including the negotiation of a definitive Purchase Agreement and Plan of Merger to acquire LRR Energy; the negotiation of a definitive Agreement and Plan of Merger to acquire Eagle Rock Energy Partners; the exchange of $168.2 million in Senior Notes; and Vanguard’s February 2017 Chapter 11 filing.
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