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Actionable news in MHR: MAGNUM HUNTER RESOURCES CORPORATION,

Magnum Hunter Bondholders Hire Advisers on Eve of $29M Interest Payment

Magnum Hunter Resources' (MHR - Get Report) bondholders have hired legal and financial advisers as the oil and gas company nears a $29 million interest payment on its unsecured bonds, sources said.

A source familiar with the situation and an industry source said a bondholder group has hired Akin Gump Strauss Hauer & Feld as legal counsel, and The Deal has learned that the law firm's Arik Preis has the assignment. The industry source said the bondholders' financial adviser is Centerview Partners LLC.

The clock is ticking for Irving, Tex.-based Magnum Hunter to work out a plan with its bondholders and preferred stockholders and make progress on a hoped-for asset sale and joint venture as it approaches a Nov. 15 payment on its $600 million in 9.75% senior unsecured bonds due May 15, 2020.

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