Vanguard Natural Resources Inc. completed its financial restructuring on July 16, emerging from its second Chapter 11 bankruptcy since the 2014 oil crash as a limited liability company under a new moniker and with a new board.

The Houston-based company has already experienced multiple transformations since its formation as an upstream MLP in 2006, including emerging as a publicly-traded corporation following completion of a prior restructuring in 2017.

Now named Grizzly Energy LLC, the company emerges from bankruptcy with more than $500 million of secured debt eliminated from its balance sheet. Grizzly also has an entirely new five-member board of directors that includes Mike Wichterich, founder and CEO of private upstream company Three Rivers Operating Co.

Already have an account? Log In

Thanks for reading Hart Energy.

Subscribe now to get unmatched coverage of the oil and gas industry’s entire landscape.

Get Access