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.

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