Daily News: August 29, 2016

Lenders Agree to Atlas Resource Partners Prepackaged Restructuring


Atlas Resource Partners received court approval of its prepackaged restructuring. Partnership is expected to emerge as Titan Energy on September 1, 2016, pursuant to the prepackaged plan.

“Today’s confirmation was a favorable step on our path to restructuring and we look forward to beginning a new chapter as Titan Energy,” said Daniel Herz, CEO. “The senior management team and I want to thank our employees, suppliers, royalty owners, trade partners and other supportive stakeholders for their continued support, which has allowed the partnership to continue to operate in the ordinary course of business through this process.”

In the consent solicitation process, which concluded on August 23, 2016, the prepackaged plan was approved by 100% of the lenders in the partnership’s revolving credit facility, 100% of the lenders in the partnership’s second lien credit facility and holders of the partnership’s senior notes representing 99% of the value of the senior notes (96% of the number of holders). According to a related 8-K filing, Wells Fargo served as agent for the first lien lenders and Wilmington Trust was agent for the second lien lenders.

Perella Weinberg Partners is acting as financial advisor, and Skadden, Arps, Slate, Meagher & Flom and Paul Hastings are acting as legal counsel to the partnership in connection with the restructuring plan. Opportune is acting as financial advisor and Linklaters is acting as legal counsel to the revolving credit facility agent. PJT Partners is acting as financial advisor and Latham & Watkins is acting as legal counsel to the second lien term loan lenders. Centerview Partners is acting as financial advisor and Akin Gump Strauss Hauer & Feld is acting as legal counsel to an ad hoc group of senior noteholders.

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Wells, Wilmington Trust, U.S. Bank Enter Atlas Restructuring Agreement