“Legacy Reserves files for bankruptcy”
June 25, 2019
“Legacy Reserves (LGCY -12.8%) expects there will be no recovery for shareholders as it files for Chapter 11 bankruptcy, as expected, to facilitate its previously negotiated financial restructuring.
LGCY’s largest investor, Baines Creek Capital, recently launched a proxy fight to replace the board; instead of waging an ongoing fight, the company opted to file for bankruptcy while continuing to operate as normal during the court proceedings.”
https://seekingalpha.com/news/3472402-legacy-reserves-files-bankruptcy
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