Atlas Resources Partners LP, Philadelphia, will emerge from a planned restructuring as Titan Energy LLC.
The master limited partnership has entered a restructuring support agreement with lenders that will convert debt into 90% of the common equity of the restructured company, reclassified as a corporation for federal income tax purposes. Existing common and preferred unitholders will not be entitled to any of the equity of the restructured company, and all existing common and preferred units will be cancelled.
Atlas Resources said the plan, if approved and completed, will cut debt by $900 million and interest expense by $80 million/year.
The company reports proved reserves of 1.4 tcf of gas-equivalent, 75% proved developed. Its holdings are 75% natural gas, 15% oil, and 10% natural gas liquids.
It holds 1.5 million net acres in 17 US states and has interests in more than 14,000 wells, 80% of them operated.
Key executives of Titan Energy will be Ed Cohen, executive chairman, Jonathan Cohen, executive vice-chairman; Daniel Herz, chief executive officer; Mark Schumacher, president; and Jeffrey Slotterback, chief financial officer.