Appalachian pure-play Rex Energy Corp. said this week it has decided to file for voluntary Chapter 11 bankruptcy protection after talks with its lenders to explore other financial alternatives failed.

The company failed to make a semi-annual interest payment that was due earlier last month, necessitating a forbearance agreement with lenders to prevent the acceleration of other debt obligations. The forbearance agreement with a lending group led by Angelo, Gordon & Co. was aimed at preventing lenders from taking any enforcement actions, such as accelerating obligations under Rex’s $300 million credit agreement, which was violated by the interest payment default.

Rex said in a filing with the U.S. Securities and Exchange Commission late Tuesday it does not have sufficient liquidity to repay debts and has been unsuccessful in negotiating an alternative restructuring with its various stakeholders outside of a bankruptcy filing.

“An acceleration notice from the lenders of our senior term loan has been received, and we lack the liquidity to pay these obligations,” Rex said in the filing. “Given these circumstances, the company is currently in the process of preparing to file for protection under Chapter 11 of the U.S. Bankruptcy Code.”

Rex disclosed in February that some of its second lien noteholders had agreed to a voluntary pre-packaged bankruptcy filing as a way to reorganize in exchange for debt and equity securities. Squeezed by the 2014 commodities downturn, the company has been in debt for years and has battled declining credit, a Nasdaq delisting and a dwindling operating position.

The company hasn’t hosted an earnings call with financial analysts since 3Q2017. But in a Form 10-Q filed at the SEC on Tuesday, it disclosed that total liabilities now stand at more than $1 billion. The company reported a net loss of $70.4 million (minus $6.73/share) for the first quarter, compared with a net loss of $2.1 million (minus 21 cents) in the year-ago period.