Atlas Resources Partners Exits Bankruptcy Renamed as Titan Energy

renameIn July MDN reported that Atlas Resource Partners (ARP), a publicly-traded exploration and production master limited partnership (“MLP”) with operations in basins across the United States including the Marcellus and Utica Shale plays, filed for a bankruptcy (see Atlas Resource Partners Filing for Bankruptcy Tomorrow). The ARP plan follows in the footsteps of other recent such filings, known as a “pre-packaged” bankruptcy. Companies like Atlas cut deals with the people they owe money to, the debtholders, negotiating a plan to convert the debt into equity (ownership) thereby screwing current stockholders by devaluing their stocks to the value of toilet paper. Two weeks ago the ARP plan was approved by the courts, and last week the company exited bankruptcy. But when the exited, they did so sporting a new name: Titan Energy. Perhaps a year from now nobody will remember that Titan is the once-bankrupt ARP…

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