June 12, 2019 / 12:33 AM / 8 days ago

Oil and gas producer Legacy Reserves to seek Ch. 11 protection

Energy producer Legacy Reserves Inc said on Tuesday it would seek Chapter 11 bankruptcy protection to implement a plan backed by its lenders to reorganize its finances by cutting more than $900 million in debt.

Publicly traded Legacy in a statement said it expects to file for bankruptcy in U.S. Bankruptcy Court for the Southern District of Texas after notching the plan with its lenders. The restructuring support agreement will serve as the basis for a reorganization plan.

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