Titan Energy LLC, formerly Atlas Resource Partners LP, is now trading over-the-counter.
The company was approved to trade on the OTCQX Best Market operated by the OTC Markets Group. The stock, which trades under the ticker symbol "TTEN," closed at $23.50/share on Tuesday.
The company announced the news on Tuesday more than two months after it emerged from bankruptcy. In July, Atlas reached a restructuring deal with nearly all of its lenders and bondholders. It filed a prepackaged bankruptcy and emerged from those proceedings in September with the new name. The company reduced its debt by $900 million in exchange for all of the common equity in Titan.
BMA Securities is serving as market maker for the company. The bankruptcy also established a new senior secured credit facility of $440 million, with redetermination suspended until May 2017.
Philadelphia-based Titan has operations in basins across the country, with over 1 Tcfe of proved reserves and an interest in more than 14,000 producing wells in 17 different states.