Last week MDN told you that ratings agency Fitch Ratings had issued a “Loans of Concern” report, which is a report on loans the agency believes companies will soon default on. One of the names in the list stood out to MDN: American Energy-Marcellus (see Fitch Ratings: American Energy-Marcellus May Default on Loan). We speculated at the time, and have now confirmed, that American Energy-Marcellus is the same company as Ascent Resources. Shortly after the Fitch report, Bloomberg ran an article reporting Ascent Resources-Marcellus (the former Aubrey McClendon American Energy subsidiary focused on the Marcellus/Utica) is in talks with creditors to “restructure” some $1.2 billion worth of loans and debt. Restructuring doesn’t always mean “bankruptcy”–but it usually does. Especially when dealing with the amounts we’re talking about, over $1 billion, and especially when that word is used in the oil and gas industry. The latest trend has been to work out bankruptcy deals ahead of time, before you file, called a “prepackaged bankruptcy.” Here’s what Bloomberg is saying about talks and plans to “restructure” debt at Ascent Resources-Marcellus…
