Lonestar Resources Successfully Completes Restructuring
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Lonestar Resources has successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy, having satisfied all of the conditions to the effectiveness of its plan of reorganization. Through its financial restructuring, Lonestar has eliminated approximately $390 million in aggregate debt obligations and preferred equity interests.
Lonestar has entered into a new $225 million first-out senior secured revolving credit facility and a $60 million second-out senior secured term loan credit facility by amending and restating the company’s existing credit agreement. Lonestar has $210 million outstanding on the revolver and a post-emergence cash balance of approximately $20.7 million.
New Board of Directors
In accordance with the plan, the company appointed a newly constituted board of directors. The new board consists of Richard Burnett, Gary D. Packer, Andrei Verona, and Eric Long, in addition to Frank D. Bracken, III, Lonestar’s chief executive officer.
About Lonestar
Lonestar is an independent energy company focused on the development, production and acquisition of unconventional oil, natural gas liquids and natural gas properties in the Eagle Ford Shale in Texas.
To stop by Lonestar’s website, CLICK HERE
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