WILMINGTON, Del., March 26, 2019 /PRNewswire/ -- Aedes LLC, a Delaware limited liability company, announced today that it has retained outside counsel in relation to its investment in the unsecured bonds of Legacy Reserves (LGCY) ("Legacy"). On March 13, 2019, Legacy issued a press release stating "Legacy Reserves Inc. Announces Review of Strategic Alternatives." The press release explained that Legacy has retained legal and financial advisors to explore its strategic alternatives and invited proposals from interested stakeholders as well as interested outside parties.
As such proposals have a high probability of impacting the holders of Legacy's unsecured bonds, Aedes retained counsel with a high degree of expertise in restructuring matters to guide it during this period. Aedes hopes for a transparent process that takes into account the legitimate interests of all holders of Legacy's unsecured bonds. Other proposals in the E&P space have occasionally contained plan elements that prevent the full participation by all bond holders. Such limitations can stem from preferential plan elements, exclusive financings or technical specifications of new instruments which limit participation. Should Legacy consider proposals impacting the unsecured bonds it should ensure equal treatment and participation for all holders. Aedes has communicated this directly to Legacy's Board of Directors.
In addition to retention of counsel, Aedes also announced it is interested in hearing from other holders of Legacy's unsecured bonds. A deeper understanding of the composition of the class could prove helpful as Legacy's efforts progress. There may come a time when the class needs to speak in a unified manner in relation to Legacy's strategic alternative efforts. To facilitate this effort, Aedes has created a bondholder contact survey. The survey and other information can be found at the following link https://lgcy.aedesllc.com. Please use this link if you have an interest in contacting Aedes in relation to those efforts.
This press release and the survey linked to herein do not constitute an offer to sell or a solicitation of an offer to buy any bonds of Legacy or any other securities of Legacy or other issuers.
About Aedes LLC: Aedes LLC is a privately held business development company that seeks to make debt and equity investments in middle market businesses in the United States and internationally. Inquiries: firstname.lastname@example.org.