A newly formed corporation would be formed from the transfer of all the assets of Milagro with Vanquish Finance. The new corporation would be named Milagro Oil & Gas Inc.

The new corporation came to fruition from the finalization of the Exchange Offer of all of Milagro's Senior Secured Second Lien Notes rated at 10.500% due on 2016. The guarantors for that bond issue were Wells Fargo Bank and Milagro. 

The exchange was for either Class A units fo Vanquish and Senior secured lien notes due on 2017 of the issuers. The second option would be cash up to US$65 million aggregat principal amount of the 2016 due Senior Secured Second Lien Notes. 

The terms are subject to the conditions set forth in the confidential offering circular and consent solicitation statement. Milagro is soliciting consents from holders of the existing notes to specific amendments to the original agreement on the debt issue.

As of the report, 66.5% of the holders of the 2016 notes have agreed to the terms of the Exchange Offer subject to certan terms and conditions. The offer would expire by midnight, New York city time on June 14, 2013 unless extended.