On July 28, 2016, Atlas Resource Partners, L.P. and certain of its affiliates (collectively, “Atlas” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of New York.
According to the affidavit of Atlas’s Chief Financial Officer, Jeffrey M. Slotterback (the “Slotterback Affidavit”), Atlas has entered into a restructuring support agreement with holders of more than 80% of senior bondholders. The agreement contemplates a plan that would include, amongst others, a debt-for-equity swap with senior bondholders. See Slotterback Affidavit at 8-19.
Debtors' operations include natural gas, crude oil and natural gas liquids production in various assets 14,000 producing wells across 17 states. See Slotterback Affidavit at 8.
Debtors’ liabilities total approximately $1.358 billion in funded debt obligations which include: (i) $440 million pursuant to a 2013 Lien Credit Agreement with Wells Fargo Bank, National Association as administrative agent; (ii) $250 million pursuant to a 2015 Lien Credit Agreement with Wilmington Trust, National Association as administrative agent; (iii) $668 million pursuant to several senior unsecured notes with U.S. Bank National Association and Wells Fargo as trustees. See Slotterback Affidavit at 13-19.
The Debtors' cases are jointly administered under the lead bankruptcy case In re Atlas Resource Partners, L.P., et al., Case No. 16-12149.
A copy of the Slotterback Affidavit can be accessed here: Download Slotterback Affidavit.
For further information, please contact a Thompson & Knight Bankruptcy and Restructuring Attorney.
For more information on the Thompson & Knight’s Bankruptcy and Restructuring Practice, please visit www.tklaw.com/bankruptcy-and-restructuring/.