Lone Pine Resources Inc. (NYSE: LPR) is working to restructure senior notes and a $500 million credit facility to avoid potentially entering bankruptcy.

The Calgary, Alberta-based oil and gas exploration and development company, on Aug. 15, has a $10.1 million interest payment on $195 million of 10.375 percent senior notes due 2017. If Lone Pine misses the interest payment and is not able to pay within 30 days, it will default on the notes, and about 25 percent of the noteholders can demand payment in full.

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