New Delaware Chapter 11 Filing – Ascent Resources Marcellus Holdings, LLC

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Ascent Resources Marcellus Holdings, LLC, along with two of its affiliates and subsidiaries, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-10265).  The Debtors, based in Oklahoma City, OK, operate as an oil and natural gas E&P in the Marcellus Shale basin in the eastern United States.  As explained in a press release issued by the Debtors, the Debtors’ parent company (Ascent Resources, LLC) and a number of affiliates focusing on the Utica Shale basin are not part of this restructuring and their operations will be unaffected by the Debtors’ cases.  According to the First Day Declaration, the Debtors enter Chapter 11 with a prepackaged plan of reorganization under which the Debtors’ first and second lien term loans will be converted to equity in the reorganized Debtors and unsecured creditors will be paid in full.  Holders of 78% of the Debtors’ first lien term loans and 79% of the Debtors’ second lien term loans, the only impaired classes under the Plan, have already voted in favor of the Plan.  Prime Clerk LLC is the proposed claims and noticing agent.  The cases have been assigned to the Honorable Laurie Selber Silverstein.

Contact Norman L. Pernick or Nicholas J. Brannick for more information regarding this matter.  Please note, however, that Cole Schotz P.C. does not represent the debtors in these cases and cannot respond to questions directed toward the debtors.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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