Legacy Reserve Inc. is heading towards bankruptcy, as of June 11, 2019. Company is expected to file a Chapter 11 bankruptcy petition within the next couple of days as its board of directors has approved, and the company has executed, a restructuring support agreement with its lenders under its reserve based revolving credit facility and its lenders under its second lien term loan. To facilitate the financial restructuring and implement the pre-arranged plan of reorganization contemplated by the restructuring agreement, the company expects to file voluntary petitions for reorganization in the United States Bankruptcy Court for the Southern District of Texas pursuant to chapter 11 of the United States Bankruptcy Code.