Davis Polk advised the first-lien agent working with a group of lenders holding more than 65% of the combined approximately $1.1 billion in prepetition first-lien and second-lien senior secured debt of Ascent Resources Marcellus Holdings, LLC and certain of its subsidiaries (collectively, “Ascent”) in Ascent’s successful chapter 11 restructuring. On March 22, 2018, Ascent’s plan of reorganization, which Davis Polk played a leading role in structuring and negotiation, was confirmed by the Bankruptcy Court for the District of Delaware and on March 30, 2018, Ascent emerged from bankruptcy. The lenders received equity interests in the reorganized company and warrant packages, with the first-lien lenders also receiving $150 million in take-back debt.

Ascent is a leading independent energy company focused on operating natural gas and oil properties in the Marcellus Shale basin in the eastern United States.

The Davis Polk restructuring team included partner Damian S. Schaible and associates Natasha Tsiouris, Stephen D. Piraino and Dylan A. Consla. Partner Stephen Salmon and associate Jeffrey Lau provided corporate advice. Partner Monica Holland provided credit advice. Partner Rachel D. Kleinberg provided tax advice. Members of the Davis Polk team are based in the New York and Northern California offices. 

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