Atlas Energy Rejiggers Outstanding Debt, Converts 1st to 2nd Liens

As MDN has previously noted, Atlas Energy has been in financial trouble for some time. Just a few years after the company sold two different tranches of their vast Marcellus assets for a cumulative $12 billion (!), the company’s stock was tossed off the New York Stock Exchange and relegated to the Pink Sheets as a penny stock (see Atlas Energy “Penny Stocks” Begin Trading Today on OTCQX). In February the relatively small company laid off ~125 employees (see Atlas Energy Update – 125 Layoffs Companywide). The new news for Atlas is that the company announced yesterday they’ve rejiggered their debt–restructuring some of it as second liens…

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