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|Vanguard Natural Resources, LLC Files for Chapter 11 Protection|
Under the Restructuring Support Agreement, the Restructuring Support Parties agreed to support a plan of reorganization for the Company that would include (i) a fully committed
The Company has obtained a committed
Vanguard has filed a series of motions with the court that, when granted, will enable the company to maintain its operations as usual, without interruption throughout the restructuring process. Included in these first day motions are requests to continue to pay employee wages, honor existing employee benefit programs and pay royalties to mineral owners under the terms of the applicable agreements.
The Company has also filed motions seeking authority to pay expenses associated with production operation and drilling and completion activities, as well as costs associated with gathering, processing, transportation, marketing and those related to joint interest billing for non-operated properties.
Court filings and other information related to the chapter 11 cases are available on the Company's website at www.vnrllc.com/restructuring and at http://cases.primeclerk.com/vanguard, which is a website administered by the Company's proposed claims agent,
We make statements in this news release that are considered forward-looking statements within the meaning of the Securities Exchange Act of 1934. These forward-looking statements are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. In addition, management's assumptions about future events may prove to be inaccurate. Management cautions all readers that the forward-looking statements contained in this news release are not guarantees of future performance, and we cannot assure you that such statements will be realized or the forward-looking events and circumstances will occur. Actual results may differ materially from those anticipated or implied in the forward-looking statements due to factors listed in the "Risk Factors" section in our
The Company cautions that trading in the Company's securities during the pendency of the anticipated chapter 11 cases is highly speculative and poses substantial risks. Trading prices for the Company's securities may bear little or no relationship to the actual recovery, if any, by holders of the Company's securities in the chapter 11 cases.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/vanguard-natural-resources-llc-files-for-chapter-11-protection-300401035.html
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