Legacy Reserves Has $1.5 Billion Credit Facility: Report

January 6, 2020

Midland’s Legacy Reserves has a new borrowing base of $1.5 billion, according to the latest report.

The company emerged from Chapter 11 bankruptcy on December 11th, with arrangements reported by the company as “$255 million of new equity capital.”

Global Legal Chronicle now says Legacy has “new reserve-based credit facility has an initial borrowing base of $460 million and was effectuated through a plan of reorganization confirmed by the United States Bankruptcy Court for the Southern District of Texas on November 15, 2019 and was consummated with Legacy’s emergence from chapter 11 on December 11, 2019, successfully completing its financial restructuring and implementing the company’s confirmed plan of reorganization.”