Relevant Document:
Voluntary Petition
Lonestar Operating, LLC doing business as Lonestar Resources, a Fort Worth, Texas-based independent E&P company focused on the Eagle Ford Shale, filed for chapter 11 protection today in the Bankruptcy Court for the Southern District of Texas.
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According to the petition, numerous affiliates will also file petitions, including Lonestar Resources, Inc. The company reports $500 million to $1 billion in both assets and liabilities. The debtors are represented by Latham & Watkins and Andrews Hunton Kurth as counsel, Rothschild and Intrepid Financial Partners as investment bankers and AlixPartners as financial advisor. The case number is 20-34804. The case has been assigned to Judge David R. Jones.
In an 8-K filed by Lonestar earlier this month, the company announced its entry into a
restructuring support agreement dated Sept. 14 with certain of its revolving lenders and certain holders of its 11.25% senior notes. The RSA, attached to the
8-K, contemplates the commencement of chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, on or before Sept. 30 to implement a prepackaged plan of reorganization once the RSA receives support from RBL lenders holding at least 66.67% of the aggregate principal amount outstanding under the RBL credit agreement and noteholders holding at least 66.67% of the aggregate principal amount outstanding under the notes.
Lonestar’s list of 30 largest unsecured creditors includes the following top five claims:
The petition provides the following list of affiliates:
The First Day team will provide a
full summary once the first day briefing is complete.