|Bid||0.00 x 1000|
|Ask||0.00 x 3100|
|Day's Range||0.04 - 0.05|
|52 Week Range||0.01 - 6.11|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Oct 30, 2018 - Nov 5, 2018|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||2.00|
Legacy Reserves Inc. (Nasdaq: LGCY) and a network of subsidiaries filed for Chapter 11 bankruptcy protection in the Southern District of Texas’ bankruptcy court, which is based in Houston, on June 18, according to court documents. Legacy Reserves employed 337 people at the end of 2018, some of whom work at the company’s office in The Woodlands, according to the company’s most recent annual report. Legacy Reserves intends to continue operating as usual through the bankruptcy process and has received a commitment for $350 million in debtor-in-possession, according to a company press release.
Rating Action: Moody's downgrades Legacy's PDR to D-PD on bankruptcy filing. Global Credit Research- 19 Jun 2019. New York, June 19, 2019-- Moody's Investors Service downgraded Legacy Reserves LP's Probability ...
Legacy Reserves Inc (NASDAQ: LGCY) has made a Chapter 11 filing in the U.S. Bankruptcy Court for the Southern District of Texas. Legacy Reserves has received $350 million in debtor-in-possession financing that, subject to court approval, will refinance portions of its existing credit facility.
The Company intends to operate in the ordinary course of business during the chapter 11 cases, and has filed a number of customary "first day" motions to enable the Company's operations to continue as usual. Specifically, the Company requested authority, among other things, to pay in full on a normal-course basis employee wages and honor existing employee benefit programs, vendors and other operating expenses, joint interest billings for non-operated properties, and royalties to mineral interest owners under terms of applicable agreements. As previously announced, the Company has received a commitment for $350 million in debtor-in-possession ("DIP") financing that, subject to court approval, will refinance portions of the Company's existing reserve-based credit facility and, when combined with cash from operations, will provide ample liquidity to support the Company's continuing business operations during the chapter 11 cases.
This most-searched list is a feature included in Benzinga Pro's Newsfeed tool. It highlights stocks frequently searched by Benzinga Pro users on the platform. ArQule, Inc. (NASDAQ: ARQL ) shares were up ...
MIDLAND, Texas , June 14, 2019 /PRNewswire/ -- Legacy Reserves Inc. (NASDAQ: LGCY) ("Legacy", and collectively with its subsidiaries, the "Company") announced today that its board of ...
MIDLAND, Texas , June 13, 2019 /PRNewswire/ -- Legacy Reserves Inc. (NASDAQ: LGCY) ("Legacy", and collectively with its subsidiaries, the "Company") announced today that the Company ...
Legacy Reserves Inc.'s stock plunged 42% in active premarket trade Tuesday, after the oil and gas company said it expects to file for bankruptcy, in an effort to facilitate the implementation of a restructuring agreement with its lenders. Trading volume topped 3 million shares ahead of the open. The agreement will provide for a de-leveraging of its capital structure by over $900 million, including an equity capital infusion of at least $200 million; and payment in full of its other secured creditors, tax and other claimants, trade creditors and employees. The company said it will continue to operate its business without material disruption. "We explored a wide variety of alternatives to address our balance sheet and looming bank maturity during a sustained downturn in oil and gas prices," said Chief Executive Dan Westcott. "After concluding this broad process, we believe that the financial restructuring negotiated with our creditors provides the best path forward for the company." The stock has plummeted 83% year to date through Monday, while the SPDR Energy Select Sector ETF has gained 7.2% and the S&P 500 has advanced 15%.
MIDLAND, Texas , June 11, 2019 /PRNewswire/ -- Legacy Reserves Inc. (NASDAQ: LGCY) ("Legacy", and collectively with its subsidiaries, the "Company") announced today that its board of ...
MIDLAND, Texas , June 7, 2019 /PRNewswire/ -- Legacy Reserves Inc. (NASDAQ: LGCY) ("Legacy", and collectively with its subsidiaries, the "Company") announced today that the Company ...
MIDLAND, Texas , June 1, 2019 /PRNewswire/ -- Legacy Reserves Inc. (NASDAQ: LGCY) ("Legacy", and collectively with its subsidiaries, the "Company") announced today that the Company ...
Disappointed by the Board's Apparent Disregard for Stockholder Democracy Concerned by the Status Quo of Continued Value Destruction AUSTIN , May 31, 2019 /PRNewswire/ -- Baines Creek Capital, LLC, an Austin ...
MIDLAND, Texas , May 9, 2019 /PRNewswire/ -- Legacy Reserves Inc. ("Legacy") (NASDAQ:LGCY) today announced 2019 first quarter results including the following highlights: Generated quarterly oil ...
MIDLAND, Texas, April 9, 2019 /PRNewswire/ -- Legacy Reserves Inc. ("Legacy" or the "Company") (LGCY) today disclosed that Baines Creek Partners, L.P.'s ("Baines Creek") notice of director nominations for the Company's 2019 Annual Meeting is invalid for failure to comply with the requirements set forth in Legacy's bylaws. Legacy's bylaws were established for the protection of the Company and all of its stockholders.
U.S. shale producers last year again spent more money than they collected, extending a years-long streak of putting oil output above cash flow and investor returns, according to a Reuters analysis of top independent producers. Total overspending by the group was $6.69 billion in 2018, according to Morningstar data provided to Reuters by the Sightline Institute and the Institute for Energy Economics and Financial Analysis. While total overspending was down slightly from a year earlier, stock prices in the sector have slid at a time when U.S. share prices in general have posted strong gains.
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.
Legacy Reserves LP is an upstream limited partnership which acquires and exploits oil and natural gas properties located in the Permian Basin, Mid-continent, East Texas and Rocky Mountain regions of the United States. Warning! GuruFocus has detected 6 Warning Signs with LGCY. For the last quarter Legacy Reserves Inc reported a revenue of $132.9 million, compared with the revenue of $137.1 million during the same period a year ago.
Investors need to pay close attention to Legacy Reserves (LGCY) stock based on the movements in the options market lately.
MIDLAND, Texas , March 18, 2019 /PRNewswire/ -- Legacy Reserves Inc. ("Legacy") (NASDAQ: LGCY) today announced the 2018 fourth quarter and year-end results. These results are subject to the completion ...
MIDLAND, Texas, March 13, 2019 /PRNewswire/ -- Legacy Reserves Inc. ("Legacy") (LGCY) today announced that it is evaluating and exploring potential strategic alternatives. Legacy continues to work with the administrative agent and the other lenders under its Revolving Credit Facility to extend the maturity of the Facility. Legacy has engaged Tudor Pickering & Holt L.P. and Perella Weinberg Partners L.P. as financial advisors, and Sidley Austin LLP as outside legal counsel.
Mr. Norris has over 15 years of experience in the energy industry. Prior to joining Legacy, Mr. Norris served as a Principal at The Catalyst Group, an Austin-based private equity fund, where he was responsible for sourcing and evaluating potential investment opportunities, structuring and negotiating transactions, leading due diligence and managing portfolio investments including several in the oil and gas industry. Previously, Mr. Norris served in various senior strategy and corporate development roles at Oil States International, Inc. and its spin-off, Civeo Corporation. He earned an MBA and a B.A. in economics from The University of Texas at Austin.
Concurrently, Moody's affirmed Legacy's SGL-4 Speculative Grade Liquidity Rating. The downgrade of Legacy's ratings to Caa3 reflects the company's weak liquidity, high leverage and significant debt refinancing risk. Legacy has cumulatively repurchased or exchanged a significant amount of its senior notes since 2015, but the company's debt balances remain high and now have a significant amount of secured debt in the capital structure.
Most investors tend to think that hedge funds and other asset managers are worthless, as they cannot beat even simple index fund portfolios. In fact, most people expect hedge funds to compete with and outperform the bull market that we have witnessed over the past few years. However, hedge funds are generally partially hedged and […]