Credit: Ascent Resources – Marcellus downgraded on restructuring risk

472

[Context: On November 17, S&P downgraded Ascent Resources- Marcellus, backed by Energy Minerals Group and First Reserve, based on the possibility that it declare bankruptcy or restructure. The company has $1.2bn in debt. On November 10, parent company Ascent Resources announced raising $787m in new equity. On November 21, Ascent Resources filed an amended Form D disclosing 5 investors. ]

Ascent Resources – Marcellus LLC Downgraded To ‘CCC-‘ On Potential Restructuring; Outlook Negative

Due to continued low commodity prices and the company’s limited access to capital markets, U.S.-based oil and gas exploration and production company Ascent Resources – Marcellus LLC (AR Marcellus) disclosed that it has engaged advisors to evaluate liquidity alternatives, including a private restructuring or reorganization under Chapter 11 of the U.S. Bankruptcy Code. We are lowering our corporate credit rating on AR Marcellus to ‘CCC-‘ from ‘CCC’.

This content is for Introductory members only.Learn more about OilGasEquity.com
Log In Register