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Atlas Resource Partners Files Chapter 11 to Unload $900MM in Debt
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Atlas Resource Partners, L.P. has entered into a Restructuring Support Agreement with 100% of its Revolving Credit Facility lenders, 100% of its Second Lien lenders and approximately 80% of its Senior Noteholders.
The agreement, if completed, will immediately reduce the Partnership's debt by approximately $900 million and interest expense by $80 million per year.
The Partnership expects to emerge from the execution of the Restructuring Plan as Titan Energy, LLC. Titan Energy will be led by Ed Cohen, Executive Chairman; Jonathan Cohen, Executive Vice Chairman; Daniel Herz, Chief Executive Officer; Mark Schumacher, President; and Jeffrey Slotterback, Chief Financial Officer.
The Partnership expects to operate its oil and gas properties in the ordinary course during the restructuring…
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