25.07.2016 14:09:29
|
Atlas Resource Partners Reveals Restructuring Support Agreement To Reduce Debt
(RTTNews) - Atlas Resource Partners, L.P. (ATLS) Monday announced a Restructuring Support Agreement with its Revolving Credit Facility lenders, Second Lien lenders and approximately 80 percent of its Senior Noteholders. The agreement, if completed, will help reduce the Partnership's debt by approximately $900 million and interest expense by $80 million per year.
The company noted that the reduction is achieved through the conversion of the $668 million of the Partnership's outstanding senior notes into 90 percent of the common equity of the restructured company.
As per the restructuring agreement, the cash interest expense payable on the Second Lien Term Loan will be immediately reduced to 2 percent upon the commencement of the restructuring proceedings. The Second Lien Term Loan holders will also receive 10 percent of the common equity of the emerged company.
Subsequent to the restructuring, a subsidiary of Atlas Energy Group, LLC, the general partner of the Partnership, will receive a 2 percent economic interest in the restructured company.
The Partnership expects to emerge from the execution of the Restructuring Plan as Titan Energy, LLC which 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.
Wenn Sie mehr über das Thema Aktien erfahren wollen, finden Sie in unserem Ratgeber viele interessante Artikel dazu!
Jetzt informieren!
Nachrichten zu Atlas America Inc.mehr Nachrichten
Keine Nachrichten verfügbar. |