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Legacy Reserves is an E&P company primarily based in the Permian Basin that generates its revenue from the sale of Oil, Natural Gas and Natural Gas Liquids
The company has a high amount of outstanding debt, $519 million of which is due in April. Management has not made any announcement regarding how they intend on paying this debt which has hammered the stock price lower
Bonds are trading at 50 cents on the dollar, interest expenses are 20% of the total revenue and the firm is currently priced for bankruptcy