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June 11 was a disappointing day for shareholders and perhaps some bondholders in Legacy Reserves (LGCY). This is due to the fact that management elected to make a voluntary filing under the US Bankruptcy Code (Chapter 11 for a restructuring), wherein the company has agreed to work with its senior-most lenders to wipe out significant amounts of debt. This move devastated any remaining shareholders in the business and while certain details have not yet been offered up, investors would likely be best off considering a sale of any units they do still hold