Could Vanguard Natural Resources LLC (VNR) be the next energy company to declare bankruptcy?
| 52wk Range: | 0.46 - 8.46 |
Vanguard Natural Resources LLC (VNR) has had a tough 52-week period, as Vanguard's stock price has plunged from this time last year, when it was $8.94 per share.
Vanguard announced recently that it would delay a $15 million interest payment on some of its senior notes taking advantage of the grace period on the payment. This caused the stock to fall over 30% amid fears of bankruptcy. If the payments on the notes are not made within the 30 day grace period, Vanguard would default on its entire debt and could be forced into bankruptcy.
Vanguard has $1.8 billion in debt, including $1.4 billion from its credit line. Vanguard's estimated value is approximately $1.95 billion and its total assets at $358.5 million. If Vanguard can’t address its liquidity problems and make the debt payment in the grace period, the future looks bleak for this oil company.
Vanguard Natural Resources LLC, acquires and develops oil and natural gas properties in the United States. It owns properties, and oil and natural gas reserves primarily located in 10 operating basins. Vanguard Natural Resources LLC was founded in 2006 and is headquartered in Houston, Texas.
Dozens of energy-related companies have filed for bankruptcy since 2015 due to the plummeting prices of crude oil. Soreide Law Group continues to hear from a growing list of investors whose brokers recommended a high-concentration of these risky oil and gas stocks for their conservative portfolios. When an energy company files for Chapter 11, the investors could be left empty handed at the end of a very long creditor’s line.
If you’ve experienced devastating losses due to your broker’s over-concentration of Vanguard Natural Resources LLC (VNR) or any other energy-related stock, call Soreide Law Group for a free consultation with a lawyer regarding the possibility of recovering your losses at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency basis.
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