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Ascent Resources Hits Ch. 11 With $1.2B Debt Rework Plan

Law360 (February 6, 2018, 8:37 PM EST) -- Oil and gas developer and producer Ascent Resources Marcellus Holdings LLC and two subsidiaries filed for Chapter 11 protection Tuesday in Delaware with a restructuring strategy in hand to quickly swap out $1.2 billion in first- and second-lien debt for equity in a reorganized company mid-March.

In papers filed in the Delaware bankruptcy court, ARM blamed its filing on the 2014 slide in energy commodity prices that rocked the entire industry and forced dozens to seek refuge in Chapter 11 over the past few years.

The downturn helped...
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