2 Jan 2020listing compliance notice▼ BadMajor
Legacy Reserves Inc. terminated the registration of a class of securities, ending its reporting obligation for them.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 Dec 2019securities registration● Neutral
Legacy Reserves Inc. filed notice of an exempt private placement.
10 Dec 2019listing compliance notice▼ Bad
Legacy Reserves Inc. withdrew a registration statement, abandoning the offering it covered.
19 Nov 2019bankruptcy or receivership▼ BadMajor
The bankruptcy court confirmed Legacy's Chapter 11 plan on November 15, 2019, as foreseen in the June support agreement. Existing common stock (114,810,671 shares outstanding) will be cancelled and receive no recovery on the plan's effective date. Term loan lenders get about 52.25% of the new stock and noteholders about 2.46% plus rights to buy more. The plan relies on a $500.0 million exit facility, a $189.8 million equity investment backstopped by GSO Capital Partners and a $66.5 million rights offering, and the plan is not yet effective.
12 Nov 2019quarterly activities report▼ Bad
Legacy Reserves Inc. reported quarterly revenue of $97.5 million and a net loss of $136.2 million for the period ended 2019-09-30.
9 Aug 2019quarterly activities report▼ Bad
Legacy Reserves Inc. reported quarterly revenue of $117.8 million and a net loss of $62.8 million for the period ended 2019-06-30.
1 Aug 2019listing compliance notice● NeutralMajor
Legacy Reserves Inc.'s exchange filed to remove a class of its securities from listing.
21 June 2019bankruptcy or receivership▼ BadMajor
Legacy Reserves Inc. and certain subsidiaries filed voluntary Chapter 11 cases on June 18, 2019 in the Southern District of Texas, as the June 14 support agreement contemplated. The court approved interim debtor-in-possession financing, giving access to up to $35.0 million, and the filing accelerated the term loan ($340.3 million), 2020 notes ($208.9 million), 2021 notes ($129.5 million) and 2023 convertible notes ($107.5 million). Nasdaq notified Legacy on June 19 that its stock will be delisted, with trading suspended from June 28, 2019, and Legacy does not plan to appeal. Legacy states it expects no recovery for any equity holder.
14 June 2019material agreement▼ BadMajor
Following the forbearance period, Legacy signed a restructuring support agreement on June 10, 2019 (amended June 13) with its term loan lenders, revolver lenders and some holders of its 2020, 2021 and 2023 notes. It plans to file Chapter 11 in the Southern District of Texas on a pre-negotiated plan, with up to $350.0 million of debtor-in-possession financing and a new exit credit facility of up to $500.0 million. Under both versions of the plan described, existing shareholders get no recovery and their shares are extinguished; term loan lenders get most of the new stock (51.40% or 98.00% depending on the version). This confirms the bankruptcy hinted at in the forbearance filing; the plan still needs court and board approval.
13 June 2019substantial holder notice● Neutral
Baines Creek Partners, L.P, Baines Creek Special Purpose Partners, L.P, Baines Creek GP, L.P, Baines Creek SP GP, L.P, Baines Creek Capital, LLC, Kevin Tracy, Jeremy Carter, James Schumacher, Brian Williams reported a Legacy Reserves Inc. shareholding of 1,406,609 shares (1.20% of votes) in a periodic institutional filing.
13 June 2019material agreement▼ BadMajor
Lenders under the revolving credit facility and term loan agreed to hold off enforcing remedies, first extending to June 12 and then to June 18, 2019. The defaults cover the revolver's May 31, 2019 maturity, unpaid June 3 interest on the 2020, 2021 and 2023 notes, and (for the term loan) missing audited statements without a going-concern qualification. This shows the company in default on its debt and relying on short-term lender patience; the filing refers to the credit agreements as 'Prepetition', which hints at a possible bankruptcy filing (inference), and earlier forbearance agreements are mentioned but not detailed.
12 June 2019director interest notice● Neutral
Legacy Reserves Inc. 10%+ owner Baines Creek Capital, LLC sold 11,983,512 shares at $0.11.
12 June 2019substantial holder notice● Neutral
Baines Creek Partners, L.P, Baines Creek Special Purpose Partners, L.P, Baines Creek GP, L.P, Baines Creek SP GP, L.P, Baines Creek Capital, LLC, Kevin Tracy, Jeremy Carter, James Schumacher, Brian Williams reported a Legacy Reserves Inc. shareholding of 11,299,649 shares (9.80% of votes) in a periodic institutional filing.
11 June 2019director interest notice● Neutral
Legacy Reserves Inc. 10%+ owner Baines Creek Capital, LLC sold 3,300,000 shares.
6 June 2019agm notice● Neutral
Legacy Reserves Inc. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
31 May 2019substantial holder notice● Neutral
Baines Creek Partners, L.P, Baines Creek Special Purpose Partners, L.P, Baines Creek GP, L.P, Baines Creek SP GP, L.P, Baines Creek Capital, LLC, Kevin Tracy, Jeremy Carter, James Schumacher, Brian Williams, William L. Thacker, III, Stacy Hock reported a Legacy Reserves Inc. shareholding of 26,583,161 shares (23.20% of votes) in a periodic institutional filing.
10 May 2019quarterly activities report▼ Bad
Legacy Reserves Inc. reported quarterly revenue of $118.5 million and a net loss of $78.4 million for the period ended 2019-03-31.
10 May 2019quarterly activities report▼ Bad
Legacy Reserves Inc. reported quarterly revenue of $118.5 million and a net loss of $78.4 million for the period ended 2019-03-31.
2 May 2019listing compliance notice● Neutral
This amendment only fixes the cover page of the May 1 filing (the event date, and an incorrectly ticked box). The Nasdaq notice text is unchanged: below $1.00 bid, compliance deadline October 23, 2019.
1 May 2019listing compliance notice▼ BadMajor
Nasdaq told the company on April 26, 2019 that its stock had closed below the $1.00 minimum bid price for 30 consecutive business days. Trading is unaffected for now, and the company has until October 23, 2019 to get back above $1.00 for 10 straight business days. (The filing's cover page had errors, corrected in the next filing.)
9 Apr 2019agm notice● Neutral
Legacy Reserves Inc. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
5 Apr 2019agm notice● Neutral
Legacy Reserves Inc. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
3 Apr 2019substantial holder notice● Neutral
Baines Creek Partners, L.P, Baines Creek Special Purpose Partners, L.P, Baines Creek GP, L.P, Baines Creek SP GP, L.P, Baines Creek Capital, LLC, Kevin Tracy, Jeremy Carter, James Schumacher, Brian Williams, William L. Thacker, III, Stacy Hock reported a Legacy Reserves Inc. shareholding of 26,583,161 shares (23.20% of votes) in a periodic institutional filing.
27 Mar 2019director interest notice● Neutral
Legacy Reserves Inc. 10%+ owner Baines Creek Capital, LLC bought 252,514 shares on the open market.
20 Mar 2019director interest notice● Neutral
Legacy Reserves Inc. 10%+ owner Baines Creek Capital, LLC bought 601,000 shares on the open market.
18 Mar 2019late filing notice▼ Bad
Legacy Reserves Inc. notified the SEC that its annual report would be filed late.
14 Mar 2019director interest notice● Neutral
Legacy Reserves Inc. 10%+ owner Baines Creek Capital, LLC bought 60,000 shares on the open market at $1.30.
11 Mar 2019director interest notice● Neutral
Legacy Reserves Inc. 10%+ owner Baines Creek Capital, LLC bought 71,137 shares on the open market.
6 Mar 2019director interest notice● Neutral
Legacy Reserves Inc. 10%+ owner Baines Creek Capital, LLC bought 100,000 shares on the open market.
1 Mar 2019director interest notice● Neutral
Legacy Reserves Inc. 10%+ owner Baines Creek Capital, LLC bought 100,000 shares on the open market.