Vanguard Natural Resources, Inc. announced that it successfully completed its financial restructuring and emerged from chapter 11 as a new limited liability company under the name of Grizzly Energy, LLC, ABL Advisor reported. Through its financial restructuring, the company eliminated more than $500 million of secured debt from its balance sheet and significantly enhanced its financial flexibility. At its emergence, the company is entering into an amended and restated $65 million reserve-based revolving credit facility, a first-lien term loan A facility of $65 million and a "last out" first-lien term loan B facility of $285 million. The initial borrowing base under the revolving credit facility shall be $65 million, with the first scheduled redetermination of the revolving credit facility borrowing base in April 2020.
