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Tuesday, August 30, 2016

Is Ascent Resources Headed for Pre-Packaged Bankruptcy?

From Bloomberg:
A group of Ascent Resources-Marcellus LLC creditors is in talks with the company, a legacy of Aubrey McClendon’s American Energy Partners LP, to restructure $1.2 billion of debt, people with knowledge of the matter said. 
Holders of the company’s term loans hired Moelis & Co. to advise on restructuring options, according to the people, who asked not to be identified because the talks are confidential. Cortland Capital Market Services stepped in as the new agent on the first- and second-lien loans after Citigroup Inc. resigned, the people said. 
Ascent Resources-Marcellus managers told investors during a Thursday conference call that they had discussed a debt overhaul with a select group of lenders, but hadn’t hired advisers, the people said. Moelis sent a memorandum to creditors in June outlining proposals for the energy exploration and production company, but no definitive agreement has been reached, the people said.
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