Penn Virginia Corporation
From bankruptcy to development
During the 2016 Chapter 11 filing of Penn Virginia, we accumulated a position in the company’s unsecured bonds because of our belief that they were trading at a significant discount to reserve value. In conjunction with the company emerging from bankruptcy in September 2016, we supported the company by participating in the planned rights offering and purchased additional shares through a backstop. Post-emergence, the company is focused on developing its highly economic Eagle Ford acreage, testing new completion techniques and unproven acreage, and ramping up production to historic levels.