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LGCY - Legacy Reserves: A Second Forbearance Agreement
Legacy Reserves
Legacy Reserves (LGCY) has received a five-day extension of the forbearance period from its credit facility and second-lien lenders. This may give it additional time to gain more support for a restructuring plan. The current oil and gas pricing environment looks like it reduces the PV-10 of Legacy's proved reserves to below the total of its secured debt though. Legacy does have some additional value in its Permian acreage that isn't captured well by PV-10. However, Legacy's common stock still looks significantly out of the money when including some value for the Permian