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LGCY - Legacy Reserves: Bond Prices Continue To Drift Lower
Legacy Reserves
There hasn't been much news about Legacy Reserves (LGCY) recently as the time ticks down to when its credit facility extension ends. Although there are still a few weeks left, the odds of restructuring remain quite high, and I don't expect Legacy to make its June bond interest payments. Oil prices did improve somewhat in April but have subsequently given back most of the gains, narrowing that window of hope.
With the unsecured bonds now trading at 15 to 16 cents on the dollar and less than a month remaining until a potential restructuring