Lonestar Resources Reaches Deal to Restructure Under Chapter 11

Lonestar Resources Reaches Deal to Restructure Under Chapter 11 Texas-based shale driller plans to file for bankruptcy with a ‘prepackaged’ reorganization plan By Colin Kellaher Sept. 15, 2020 6:48 am ET Lonestar Resources US Inc. on Tuesday said it plans to file for chapter 11 bankruptcy after reaching a restructuring support agreement that will eliminate roughly $390 million in debt obligations and preferred equity interests. The Fort Worth, Texas, shale driller said that under the plan, about $250 million of its 11.25% senior notes due 2023 would be converted to equity, while holders of its preferred equity would receive about 3% of the reorganized company’s new equity interests.

 

Source : https://www.wsj.com/articles/lonestar-resources-reaches-deal-to-restructure-under-chapter-11-11600166909