Wed 09/30/2020 19:07 PM
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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. Continue reading for the Lonestar Resources chapter 11 filing alert from the First Day by Reorg team, and request a trial to receive alerts like this for thousands of other chapter 11 filings. 

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:
Lonestar Resources chapter 11 filing top five unsecured creditors claims from First Day by Reorg

The petition provides the following list of affiliates:
Lonestar Resources chapter 11 filing affiliates from First Day by Reorg

The First Day team will provide a full summary once the first day briefing is complete.
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