Grizzly Energy, LLC

Grizzly Energy, LLC deregistered its securities, ending its obligation to file reports with the SEC.

listing compliance notice

Completed its second bankruptcy emergence on July 16, 2019, converting to a Delaware LLC and renaming itself Grizzly Energy, LLC, with a new $65 million exit credit facility from Citibank - the entity that now carries this company's SEC filing history forward, no longer publicly traded.

capital raising announcement

Grizzly Energy, LLC deregistered its securities, ending its obligation to file reports with the SEC.

listing compliance notice

Bankruptcy court confirmed its reorganization plan; the company announced that upon emergence it would convert from a Delaware corporation into a Delaware LLC renamed Grizzly Energy, LLC - the identity this company's SEC record now carries forward under.

bankruptcy or receivership

Reached a Plan Support Agreement with lenders holding most of its revolving-credit and term-loan claims, agreeing to convert their debt into new common and preferred stock of the reorganized company - the second debt-for-equity swap in three years.

material agreement

Filed for Chapter 11 bankruptcy a second time, less than two years after emerging from its first, and arranged $65 million of debtor-in-possession financing from Citibank to fund operations through the case.

bankruptcy or receivership

Borrowing base cut again to $682.4 million, leaving only about $21 million of liquidity; the company said it was pursuing property sales and exploring refinancing or restructuring options - distress signals barely a year after emerging from its first bankruptcy.

material agreement

Grizzly Energy, LLC deregistered its securities, ending its obligation to file reports with the SEC.

listing compliance notice

Bankruptcy court confirmed its first reorganization plan on July 18, 2017, targeting August 1, 2017 as the effective date for emerging as a Delaware corporation renamed Vanguard Natural Resources, Inc. - the plan cut long-term debt via a $255.75 million rights offering and full recovery for existing lenders.

bankruptcy or receivership

Grizzly Energy, LLC's exchange filed to remove a class of its securities from listing.

listing compliance notice

Lined up $255.75 million of new equity financing for its reorganization plan, backstopped by senior noteholders through a rights offering - the money needed to fund its exit from bankruptcy.

material agreement

Filed for Chapter 11 bankruptcy with its subsidiaries, having pre-negotiated a restructuring support agreement with noteholders to convert senior and second-lien notes into equity in a reorganized company - the acquisition-fueled growth of the previous decade had run into oil prices low enough to break it.

bankruptcy or receivership

Got a further waiver after also skipping interest on its 2019 notes, but the waiver would void itself if the original 2020 notes payment weren't made by October 31 - and lenders had already signaled another borrowing-base cut, to $1.1 billion, was coming.

material agreement

Elected not to make a roughly $15 million interest payment on its 2020 senior notes, instead using the 30-day grace period, while bank lenders agreed the missed payment wouldn't itself trigger a default under the credit facility - the balance sheet was now visibly straining.

material agreement

Had its borrowing base cut again, to $1.325 billion from $1.8 billion, and agreed to a new default trigger: falling below $50 million of liquidity after making bond interest payments would itself become an event of default - a sign lenders were bracing for a cash crunch.

material agreement

Agreed to sell its SCOOP/STACK gas assets in Oklahoma for $280 million - its first major divestment after a decade of buying, now shedding properties to raise cash and cut debt.

material agreement

Exchanged $168.2 million of its 7.875% senior notes for just $75.6 million of new second-lien notes - retiring debt at a steep discount to face value, a signal the market already doubted the old bonds would be paid in full.

debt financing

Completed the Eagle Rock Energy Partners merger just three days after closing LRR Energy - two roll-up acquisitions finished in the same week, right as low oil prices were starting to strain its balance sheet.

asset acquisition disposition

Completed the LRR Energy merger, issuing new units at the 0.550 exchange ratio and folding Lime Rock's oil and gas assets into the company.

asset acquisition disposition

Had its credit facility borrowing base cut from $2.0 billion to $1.6 billion and its debt-to-EBITDA covenant tightened for coming years - the first clear sign the 2014-15 oil price collapse was constraining the balance sheet it had built through years of acquisitions.

material agreement

One month after agreeing to buy LRR Energy, announced a second roll-up - acquiring Eagle Rock Energy Partners for common units valued at about $614 million including assumed debt, at a 0.185 exchange ratio.

business combination

Announced a deal to acquire LRR Energy (Lime Rock Resources' public MLP) for common units valued at about $539 million including assumed debt - the first of two roll-up mergers announced within a month, even as low oil prices squeezed the sector.

business combination

Nasdaq certified Grizzly Energy, LLC's securities for listing, clearing them to begin trading.

listing compliance notice

Agreed to a second, larger deal with Bill Barrett Corporation - $525 million for the rest of its Piceance Basin gas assets in Colorado - just as oil prices began sliding sharply that autumn.

material agreement

Agreed to buy $278 million of natural gas, oil and NGL assets in North Louisiana and East Texas from Hunt Oil Company.

material agreement

Expanded its credit facility's maximum size to $3.5 billion and its borrowing base to $1.525 billion, reflecting how large the reserve base had grown through years of acquisitions - just months before oil prices began falling that fall.

material agreement

Nasdaq certified Grizzly Energy, LLC's securities for listing, clearing them to begin trading.

listing compliance notice

Agreed to its biggest deal yet - $581 million for natural gas assets in Wyoming's Pinedale and Jonah fields - continuing an aggressive multi-year acquisition run funded mostly with new debt and equity.

material agreement

Nasdaq certified Grizzly Energy, LLC's securities for listing, clearing them to begin trading.

listing compliance notice

Issued its first preferred equity - 2.52 million 7.875% Series A cumulative preferred units at $25 each, raising about $60.8 million to pay down debt - adding a higher-cost layer to its capital structure alongside common units and bonds.

material agreement

Nasdaq certified Grizzly Energy, LLC's securities for listing, clearing them to begin trading.

listing compliance notice

Grizzly Energy, LLC's securities were notified for removal from listing and registration on its exchange.

listing compliance notice

Agreed to buy $275 million of Permian Basin gas, oil and NGL assets in New Mexico and West Texas from Range Resources.

material agreement

Agreed to buy non-operated Bakken oil assets in Montana for $131.0 million, currently producing about 1,100 barrels of oil equivalent a day, effective 1 August 2012 and due to close by year end. The 8-K text calls the seller undisclosed, but the purchase and sale agreement filed with it names Halliburton Energy Services. A third party holds a pre-emptive right to buy the assets instead, expiring 30 days after notice.

material agreement

Agreed to buy $335 million of natural gas assets in Colorado's Piceance Basin and Wyoming's Powder River and Wind River basins from Bill Barrett Corporation.

material agreement

Agreed to buy $445 million of Woodford and Fayetteville Shale gas assets in the Arkoma Basin from Antero Resources - its largest deal since the Encore merger.

material agreement

Raised $350 million through its first public bond offering - 7.875% senior notes due 2020 - and used the proceeds to pay off its second-lien term loan and reduce credit-facility borrowings, diversifying away from bank debt alone.

debt financing

Lined up a much larger credit facility - borrowing base jumping to $765 million - conditioned on completing the pending Encore Energy Partners merger, reflecting the combined company's bigger reserve base.

material agreement

Agreed to fully merge with Encore Energy Partners, converting all remaining public ENP units into 0.75 Vanguard units each - the roll-up of the MLP it had taken control of seven months earlier into a single company.

business combination

Completed the $380 million purchase of Encore Energy Partners' general partner and Denbury's 46% common-unit stake, becoming Encore's controlling owner and setting up a full merger down the road.

asset acquisition disposition

Agreed to buy Denbury Resources' entire stake in Encore Energy Partners - its general partner plus a 46% common-unit position - for $380 million, financed with a new term loan and credit-facility borrowings. This was a step toward eventual full control of a separate public MLP, not just another property purchase.

debt financing

Agreed to buy $113.1 million of producing oil and gas assets across Mississippi, Texas and New Mexico from a private seller (Alpine Gas Investors) - its largest single deal to date.

material agreement

Agreed and closed the same day on a $55 million purchase of Permian Basin oil and gas assets from private sellers, immediately hedging most of the acquired oil production through 2013.

material agreement

Agreed to a second purchase of Segundo Navarro/Lewis Energy natural gas properties in South Texas for about $52.25 million, again with Lewis continuing to operate the wells.

material agreement

Grizzly Energy, LLC's securities were notified for removal from listing and registration on its exchange.

listing compliance notice

the New York Stock Exchange certified Grizzly Energy, LLC's securities for listing, clearing them to begin trading.

listing compliance notice

Determined its natural gas and oil hedge documentation didn't meet the technical standard for hedge accounting, forcing it to de-designate 2007 hedges after an over-hedged position made them ineffective - a second restatement inside a year, this time tied to real losses during the 2008 commodity slide rather than a clerical error.

financial restatement

Agreed to buy South Texas natural gas properties from an affiliate of the Lewis Energy Group for about $53.4 million in cash and units, with Lewis continuing to operate the wells and jointly develop undeveloped acreage.

material agreement

Agreed to buy Permian Basin oil and gas properties from Apache Corporation for about $78.3 million, funded through its reserve-based credit facility - the first major acquisition for the newly public upstream MLP.

material agreement