DISTRESSED US independent Legacy Reserves received eight proposals from potential buyers but eventually turned them down to pursue a restructuring of the company, court documents show, writes Caroline Evans. Legacy and its advisers reached out to 141 "financial and strategic" third parties and hosted a virtual data room earlier this year with the hope of selling some of its assets, executing a merger, or working up some kind of financing transaction, the company's chief executive wrote in a filing submitted last week in a Texas bankruptcy court.
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