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Legacy Reserves (LGCY) saw its common stock soar on Monday, after announcing on the weekend that it had entered into a forbearance agreement to forestall a bankruptcy filing for another week. Legacy's stock then fell significantly, as the momentum trading stalled out. This recent action around Legacy Reserves and other low market cap, high debt energy stocks reminds me of the coal companies a few years ago.
Legacy remains extremely likely to file for bankruptcy soon. The lack of any announcement about asset sales or financing by May 31 nearly guarantees this outcome. With oil