Financial Trouble | Capital Markets
Another Eagle Ford Operator Files Bankruptcy; Will Sell Core Assets
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Titan Energy, LLC today announced that the Company have entered into a comprehensive restructuring support agreement (the "RSA") with key stakeholders, including the agent under the Company's first lien credit facility, holders of a majority of its first lien claims, holders of 100% of its second lien claims, and certain holders representing approximately 25% of the outstanding equity of the Company.
Titan Energy was left with around $700 million in debt after it restructured in 2016 (as Atlas Resource Partners).
Liquidating AssetsThe RSA contemplates a sale of substantially all of the Company's remaining assets, including its oil-and-gas properties in the Eagle Ford Shale, and provides for the subsequent dissolution and winding up of the Company.
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