Citing a profound transformation of the oil and gas industry, Penn Virginia Corporation and its affiliates filed for chapter 11 bankruptcy relief early this morning in the United States Bankruptcy Court for the Eastern District of Virginia. A Restructuring Support Agreement entered into with certain lenders suggests that the bankruptcy petition has the support of a majority of Penn Virginia’s primary lenders. In fact, a proposed Chapter 11 Plan has already been prepared and filed along with other typical “First Day” bankruptcy filings.

The Bankruptcy Court in Richmond, Virginia has scheduled a hearing on the “First Day” filings for Friday, May 13, 2016, at 11:00 am.