Bankruptcy / Restructure Update | Financial Trouble | Capital Markets
Arsenal Files for Bankruptcy; Plans Speedy Emergence
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Arsenal Resources announced that its top tier holding company – Arsenal Energy Holdings LLC – has filed for bankruptcy.
Arsenal's operations are focused in the Marcellus shale play.
Arsenal anticipates that the AEH Plan of Reorganization will be consummated expeditiously and has sought approval to emerge from chapter 11 by February 14, 2019.
Jonathan Farmer, Chief Executive Officer of AEH, said: "We are pleased that our stakeholders have shown their confidence in the Company and have voted nearly unanimously in favor of the Plan of Reorganization. Implementing the Plan of Reorganization will provide the Company with runway to execute on our growth-focused long-term operational business plan and will allow us to continue to operate seamlessly with no impact to our employees, customers and vendors."
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