New Chapter 11 Filing - Ascent Resources Marcellus Holdings, LLC
Ascent Resources Marcellus Holdings, LLC
- 2/6/18 Recap: Oklahoman producer of oil and natural gas in the Marcellus Shale basis filed for bankruptcy to effectuate a prepackaged bankruptcy in agreement with its major creditors. We've seen this movie before. Business is capital intensive...yada yada yada...natural gas prices rolled over...yada yada yada...production volume dropped...yada yada yada...over-levered balance sheet....zzzzz. Basically, you know the drill. The prepackaged plan envisions the term lenders equitizing their debt so that the company can be leaner and meaner; it also leaves open the option for a sale, but no such sale was suitable prior to filing.
- Jurisdiction: D. of Delaware
- Capital Structure: $750mm first lien credit facility (Cortland Capital Market Services LLC), $450mm second lien secured term loan facility (Cortland)
- Company Professionals:
- Legal: Sullivan & Cromwell LLP (Andrew G. Dietderich, Brian D. Glueckstein, Alexa J. Kranzley) & (local) Young Conaway Stargatt & Taylor LLP (Pauline K. Morgan, Joel A. Waite, Kara Hammond Coyle)
- Financial Advisor: D.R. Payne & Associates, Inc.
- Investment Banker: PJT Partners (Steven Zelin)
- Claims Agent: Prime Clerk LLC (*click on company name above for free docket access)
- Independent Co-Manager: Alan Carr
- Other Parties in Interest:
- First Lien Credit Agent: Cortland Capital Market Services LLC
- Legal: Davis Polk & Wardwell LLP
- Financial Advisor: Moelis & Co.
- Second Lien Credit Agent: Cortland Capital Market Services LLC
- First Lien Credit Agent: Cortland Capital Market Services LLC
- Members of the New Board: Jeffrey A. Fisher, Jeffrey A. Ball, Steven J. Pully, Eugene I. Davis, Barry McMahan
Updated: Effective 3/30/18 (no UCC)