Vanguard Natural Resources, LLC Announces Extension of Deadline for Common Unitholders to Vote on the Plan of Reorganization
HOUSTON, July 12, 2017 /PRNewswire/ -- As previously disclosed, Vanguard Natural Resources, LLC (OTC: VNRSQ) ("Vanguard" or "the Company") has distributed to all holders of the Company's securities a disclosure statement relating to the Second Amended Joint Plan of Reorganization Pursuant to Chapter 11 of the Bankruptcy Code (the "Plan"), providing such holders the opportunity to vote to accept or to reject the Plan. At the initial voting deadline of July 10, 2017, each class of holders of the Company's securities voted to accept the Plan except for holders of common units (the "Common Unitholders"). As of July 10, 2017, only 59.61% of the Common Unitholders who voted had voted to accept the Plan. Under the Bankruptcy Code, a class of equity holders has accepted a chapter 11 plan only if the holders of at least two-thirds in amount of the equity interests that voted to accept or reject the plan voted their equity interests to accept the plan. Thus, as of July 10, 2017, the class of Common Unitholders had not accepted the Plan for purposes of the Bankruptcy Code,
Under Vanguard's Plan, it is necessary for the class of Common Unitholders to accept the Plan in order for any Common Unitholders to receive distributions. The Company has decided, as permitted by the Bankruptcy Court, to extend the voting deadline to Monday, July 17, 2017 at noon Central Standard Time. If two-thirds of the common units that are voted on Vanguard's Plan vote to accept the Plan, all Common Unitholders will receive distributions of three-year warrants to purchase new common stock in the reorganized company. The Company urges Common Unitholders who have not voted to submit their ballots accepting the Plan. Furthermore, the Company asks Common Unitholders who initially voted to reject the Plan to reconsider and to submit new ballots accepting the Plan by the deadline.
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 claims agent, Prime Clerk LLC. The Company has also set up a toll-free hotline to answer employee, vendor, investor and royalty owner questions, which is available Monday through Friday, 8 a.m. to 6 p.m. Central Standard Time at 844-596-2260 (internationally at 929-333-8976). Parties may obtain electronic notification of court filings through the Prime Clerk website or may register for email notices by completing the Bankruptcy Court's registration form that can be accessed at http://www.txs.uscourts.gov/sites/txs/files/CRECFform.pdf.
About Vanguard Natural Resources, LLC
Vanguard Natural Resources, LLC is a publicly traded limited liability company focused on the acquisition, production and development of oil and natural gas properties. Vanguard's assets consist primarily of producing and non-producing oil and natural gas reserves located in the Green River Basin in Wyoming, the Permian Basin in West Texas and New Mexico, the Gulf Coast Basin in Texas, Louisiana, Mississippi and Alabama, the Anadarko Basin in Oklahoma and North Texas, the Piceance Basin in Colorado, the Big Horn Basin in Wyoming and Montana, the Arkoma Basin in Arkansas and Oklahoma, the Williston Basin in North Dakota and Montana, the Wind River Basin in Wyoming, and the Powder River Basin in Wyoming. More information on Vanguard can be found at www.vnrllc.com.
Forward-Looking Statements
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 SEC filings and elsewhere in those filings. All forward-looking statements speak only as of the date of this news release. We do not intend to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise.
Vanguard Natural Resources, LLC
Lisa Godfrey, (832) 327-2234
Director, Investor Relations
[email protected]
SOURCE Vanguard Natural Resources, LLC
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