Legacy Reserves (LGCY) announced that it was "evaluating and exploring potential strategic alternatives." While it did not explicitly mention restructuring as one of those strategic alternatives, it also noted that it hasn't been able to extend the maturity (currently April 1, 2019) of its credit facility yet. Thus, it can be easily concluded that a near-term restructuring will occur if Legacy isn't able to deal with its credit facility in time.
Credit Facility Issues
Legacy's challenges with getting its credit facility extended are likely due to its large amount of other debt and