Atlas Resource Partners LP (ARP) emerged from bankruptcy protection with a new name, Titan Energy LLC, after the company reached a restructuring deal with nearly all of its lenders and bondholders.

Last July, ARP reached a deal to reduce its debt by $900 million in exchange for all of the common equity in Titan once it emerged from Chapter 11 (see Shale Daily, July 25). Under the deal, $668 million of ARP’s outstanding senior notes were converted into 90% of Titan’s common equity, while ARP’s second lien lenders received the remaining 10% in Titan’s common equity. ARP’s general partner, Atlas Energy Group LLC (ATLS), now holds a 2% preferred member interest.

The restructuring deal also called for the creation of a new senior secured credit facility of $440 million, with a redetermination that would be suspended until May 2017 as long as Titan met certain conditions. ARP said the remaining debt on its books would be cleared with the proceeds from selling its natural gas and oil hedge positions.

“We are excited at what I consider to be a tremendous opportunity to grow meaningful value for all of Titan Energy’s stakeholders,” CEO Daniel Herz said in a statement. “I believe Titan is well positioned to take advantage of opportunities in the current energy environment.”

ARP said Titan’s portfolio of oil and natural gas assets includes more than 14,000 gross wells in 17 states, which collectively produced an average 223 MMcfe/d in 2Q2016. The company added that as of July 1, Titan’s estimated proved reserves totaled 1,013 Bcfe, of which 68% is natural gas and 71% are classified as proved developed producing. Also as of July 1, Titan’s reserve report estimated the value of its reserves at $832 million.

“Titan will continue to be, through its subsidiary, the leading sponsor and manager of tax-advantaged investment partnerships, through which it is able to monetize a portion of its undeveloped natural gas, crude oil, and natural gas liquids production activities,” ARP said.