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Atlas Resource Partners (fka ARPJQ)

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Last Post: 11/8/2016 7:29:40 AM - Followers: 35 - Board type: Free - Posts Today: 0



http://www.atlasresourcepartners.com/

Atlas Resource is on course for a lightning-quick bankruptcy case, winning court approvals to continue operating under chapter 11 protection and further its goal of completing its restructuring by Labor Day.

Judge Sean Lane of the U.S. Bankruptcy Court in Manhattan on Friday granted Atlas's request to spend $17 million in cash it has on hand to fund its operations, in addition to a number of other approved requests that allow the company to pay bills and employees, as well as manage its cash.

Judge Lane also set a tentative date of Aug. 26 to consider Atlas's bankruptcy-exit plan, although that date will be nailed down next month.

Atlas filed for bankruptcy proceedings on Wednesday, with a fully prepackaged bankruptcy agreement in hand. The deal would slash $900 million in debt from the oil and gas producer's books and has the support of 90% of the company's debtholders, including 33 separate lenders and bondholders, the company's lawyers said during the hearing on Friday.

Atlas lawyer Ron Meisler of Skadden, Arps, Slate, Meagher & Flom said the company is one of 85 oil and gas exploration companies to falter under the weight of what he called an "epic downturn."

But the company is one of only a handful that has been able to execute a fully prepackaged bankruptcy, meaning creditors already have voted formally to accept the restructuring plan, he said. The ability to complete this feat is "a vote of confidence for the debtors' assets and management team," he added.

Under the terms of the plan, two sets of bondholders would exchange $668 million in debt for a 90% ownership stake in the restructured company.

Atlas's current revolving loan, under which the company owes more than $670 million, would be repaid via the liquidation of its hedge positions, and a new $410 million facility would be provided when Atlas exits bankruptcy.

The holders of $250 million in junior loan debt would receive the remaining 10% equity in Atlas in exchange for an interest-rate reduction.

Upon completion of the deal, Atlas's tax status will change to a traditional corporation and its name will be changed to Titan Energy. Its current investors will see their stakes eliminated and could face a tax bill as a result of the company's debt elimination.

Atlas is based in Pittsburgh and has 14,000 producing wells in 17 states.



 

 Atlas Resource Partners  filed for chapter 11 bankruptcy 7/27/16 after negotiating a plan to slash some $900 million in debt off its books.

Although the restructuring will substantially reduce the oil and gas producer's debt, its status as a partnership could leave its investors with a hefty tax bill.

Under the pre-negotiated plan, announced last week, the company's unit holders will receive no recovery and their ownership stakes will be canceled, Atlas said. As unit holders in a partnership, rather than shareholders in a corporation, these investors could also face a tax bill for the debt that Atlas cancels in chapter 11.

Atlas's proposed restructuring plan is a debt-for-equity swap with senior bondholders, 80% of which have formally signed on to the deal. The company filed for bankruptcy to execute the agreement.

Under the terms of the agreement, two sets of bondholders would exchange $668 million in debt for a 90% ownership stake in the restructured company.

Atlas's current revolving loan, under which the company owes more than $670 million, would be repaid through the liquidation of its hedge positions, and a new $410 million facility would be provided when Atlas exits bankruptcy.

The holders of $250 million in junior loan debt would receive the remaining 10% equity in Atlas in exchange for an interest-rate reduction.

Upon completion of the deal, Atlas's tax status will change to a traditional corporation and its name will be changed to Titan Energy.

Atlas Resources, based in Pittsburgh, filed for bankruptcy with the U.S. Bankruptcy Court in Manhattan, claiming assets in the range of $1 billion to $10 billion, with liabilities in the same range. The oil and gas producer has 14,000 producing wells in 17 states. It said in its most recent financial statement that "lower commodity prices have negatively impacted our revenues, earnings and cash flows. Sustained low commodity prices will have a material and adverse effect on our liquidity position."

PostSubject
#978  Sticky Note ***LONG-$410,000 FACE OF UNSECURED 2021 SENIOR NOTES 7.75% *** Congo Mining 08/07/16 02:42:17 PM
#1211   are they gonna cancel atls stock tia rodster73 11/08/16 07:29:39 AM
#1210   Oil to slide? Record commercial net short StockItOut 11/08/16 02:05:58 AM
#1209   You're welcome. No prob. StockItOut 11/01/16 06:56:02 AM
#1208   Thanks for the info. caffeinedrive 10/31/16 10:03:03 AM
#1207   From about two weeks ago, IR says to StockItOut 10/29/16 01:28:59 AM
#1206   Thanks so much for the info. Congo Mining 10/28/16 04:32:00 PM
#1205   Congo, how're your unsecureds all going? StockItOut 10/28/16 02:12:11 PM
#1204   Yes, the line of reasoning I had assumed likewise. StockItOut 09/30/16 11:22:26 PM
#1203   Yeah! Quite a holding. Fir Tree / Titan StockItOut 09/30/16 11:11:03 PM
#1202   Titan contiknurs the them of Atlas. They Imagineer66 09/30/16 09:48:54 PM
#1201   now I know why it is called Titan. Congo Mining 09/30/16 07:37:12 PM
#1200   I'm out! Those were mine today, and StockItOut 09/30/16 05:30:57 PM
#1199   TTEN volume just 10 shares today. StockItOut 09/26/16 05:00:21 PM
#1198   Again, it comes down to equity equivalent of StockItOut 09/24/16 05:04:23 PM
#1197   yeah...long term. Congo Mining 09/23/16 08:08:54 PM
#1196   I see they still trade. Piqued interest StockItOut 09/23/16 08:01:03 PM
#1195   Well some of my bright-burn went here. I Congo Mining 09/23/16 07:44:33 PM
#1194   I'm here long term...like all situations i would Congo Mining 09/23/16 07:39:39 PM
#1193   CM, Sandridge as good as you think? StockItOut 09/23/16 06:48:04 PM
#1192   CM, you expect TTEN to appreciate well, and nicely? StockItOut 09/23/16 06:46:44 PM
#1191   Didn't want to be patient. Conversion so StockItOut 09/23/16 06:40:30 PM
#1190   it's the gray market...we'll have to be patient. Congo Mining 09/23/16 02:03:53 PM
#1189   Volume now 597 shares today. StockItOut 09/22/16 05:57:26 PM
#1188   Today's Vol 200 @28.50-29.50 Imagineer66 09/22/16 02:47:44 PM
#1187   OTC says no volume on TTEN today. StockItOut 09/22/16 02:07:54 PM
#1186   ATLS just hit $1.50. StockItOut 09/22/16 01:34:26 PM
#1185   They haven't had anyone in the IR department Congo Mining 09/22/16 01:27:50 PM
#1184   I've emailed and called Atlas with this same Imagineer66 09/22/16 01:45:45 AM
#1183   Don't know, probably when ATLS is done its StockItOut 09/21/16 11:39:45 PM
#1182   any Idea when we get on an exchange...? Congo Mining 09/21/16 01:16:33 PM
#1181   ATLS from $0.10 to $1.13 in under 1 month. StockItOut 09/19/16 05:41:24 PM
#1180   http://seekingalpha.com/article/4006976-natural-gas-speculators-cover-short-bets Congo Mining 09/19/16 11:31:25 AM
#1179   I haven't dug that deep into it. I'll Congo Mining 09/18/16 09:43:25 AM
#1178   Yes, this is well known. 2% is not StockItOut 09/17/16 09:30:46 PM
#1177   no...but they have a 2% preferred interest in titan. Congo Mining 09/17/16 12:35:29 PM
#1176   Up another 14% today. You in ATLS? StockItOut 09/16/16 08:08:54 PM
#1175   I think TTEN trading on the Gray market Congo Mining 09/16/16 02:02:31 AM
#1174   Seems the risk of a going concern was StockItOut 09/16/16 01:11:01 AM
#1173   Look at ATLS....apparently that survived as the management company. Congo Mining 09/15/16 11:42:48 PM
#1172   Correction, no ARP* is NOT TRADING as of 9/1. Imagineer66 09/11/16 10:23:58 PM
#1171   Actually ARP commons were canceled as of 9/1. Imagineer66 09/11/16 10:20:33 PM
#1170   So commons get nothing in 30????! Mr Rollup 09/11/16 10:16:25 PM
#1169   Until the effective date which is sometime in Imagineer66 09/11/16 01:03:33 PM
#1168   Is it still trading? Mr Rollup 09/11/16 12:57:06 PM
#1167   Nothing Imagineer66 09/11/16 12:46:57 PM
#1166   Is this done? What did commons get Mr Rollup 09/11/16 11:59:02 AM
#1165   well...technically that changes month to month. even day Congo Mining 09/10/16 08:54:48 PM
#1164   What was Atlas assets to debt previously? StockItOut 09/10/16 05:36:16 PM
#1163   ARP was hedged out to 2019 and it Congo Mining 09/10/16 01:54:21 PM
#1162   True, true, have considered. Longer term these fiduciary StockItOut 09/09/16 10:26:02 PM
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