LGCY - Legacy Reserves: More Signs That Point Towards A Bankruptcy Filing
I mentioned recently that I believed that there was a 95% chance that Legacy Reserves (LGCY) would restructure soon. The significant decline in oil prices during the last couple days combined with the details in Legacy's latest SEC filing (showing various actions that are consistent with a company looking at restructuring) have prompted me to increase my estimated odds of a near-term bankruptcy filing to around 98%.
Legacy's SEC Filing
Legacy filed an 8-K form on May 23 that included details that I'd consider indicative that it is looking at a near-term bankruptcy