At the beginning of the month, Ascent Resources Marcellus Holdings LLC filed for Chapter 11 bankruptcy as part of a negotiated plan with lenders to reduce about $1 billion of debt and boost liquidity, according to Reuters.

The bankruptcy is for Ascent’s Marcellus assets, including development rights on 43,000 acres in West Virginia, but has no impact on Ascent’s Utica shale holdings in Ohio. The Marcellus and Utica assets are owned by entities with separate capital structures, according to the company.

Ascent is one of several energy companies that fracking pioneer Aubrey McClendon launched after he was ousted by Chesapeake Energy Corp. in 2013.

Leave a Reply