Vanguard Natural Resources has voluntarily filed petitions for relief under Chapter 11. Citibank underwrote a $130 DIP facility to support the company through the bankruptcy process.
Vanguard Natural Resources filed for Chapter 11 with the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. Citibank, JPMorgan Securities and Wells Fargo Bank provided $50 million DIP financing.
Vanguard Natural Resources completed a redetermination of its borrowing base, reducing its size to $1.325 billion from $1.8 billion. Citibank served as administrative agent for the lender group.