WILMINGTON, Del., March 26, 2019 /PRNewswire/ -- Aedes LLC, a
Delaware limited liability
company, announced today that it has retained outside
counsel in relation to its investment in the unsecured bonds
of Legacy Reserves (Nasdaq: LGCY) ("Legacy"). On March 13, 2019, Legacy issued a press
release stating "Legacy Reserves Inc. Announces Review of
Strategic Alternatives." The press release explained that Legacy
has retained legal and financial advisors to explore its strategic
alternatives and invited proposals from interested stakeholders as
well as interested outside parties.
As such proposals have a high probability of impacting the
holders of Legacy's unsecured bonds, Aedes retained counsel with a
high degree of expertise in restructuring matters to guide it
during this period. Aedes hopes for
a transparent process that takes into account the
legitimate interests of all holders of Legacy's unsecured
bonds. Other proposals in the E&P space have occasionally
contained plan elements that prevent the full participation by all
bond holders. Such limitations can stem from preferential
plan elements, exclusive financings or technical specifications of
new instruments which limit participation. Should Legacy consider
proposals impacting the unsecured bonds it should ensure equal
treatment and participation for all holders. Aedes has communicated
this directly to Legacy's Board of Directors.
In addition to retention of counsel, Aedes also
announced it is interested in hearing from other holders of
Legacy's unsecured bonds. A deeper understanding of the composition
of the class could prove helpful as Legacy's efforts
progress. There may come a time when the class needs to speak
in a unified manner in relation to Legacy's strategic
alternative efforts. To facilitate this effort, Aedes has
created a bondholder contact survey. The survey and other
information can be found at the following link
https://lgcy.aedesllc.com. Please use this link if you
have an interest in contacting Aedes in relation to those
efforts.
This press release and the survey linked to herein do not
constitute an offer to sell or a solicitation of an offer to buy
any bonds of Legacy or any other securities of Legacy or
other issuers.
About Aedes LLC: Aedes LLC is a privately held business
development company that seeks to make debt and equity investments
in middle market businesses in the United
States and internationally. Inquiries:
investor.relations@aedesllc.com.
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SOURCE Aedes LLC