08
Aug

American Energy – Permian Basin, LLC Announces Ongoing Discussions with Significant Noteholders

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American Energy – Permian Basin, LLC (the “Company”) announced today that it is in ongoing discussions with certain holders (the “Significant Noteholders”) of its 13.000% Senior Secured First Lien Notes due 2020, 8.000% Senior Secured Second Lien Notes due 2020, Floating Rate Senior Notes due 2019 (the “Floating Rate Notes”), 7.125% Senior Notes due 2020 and 7.375% Senior Notes due 2021 (collectively, the “Notes”).

The Significant Noteholders collectively own greater than 85% of each class of Notes.

The Company and the Significant Noteholders are negotiating a restructuring support agreement that would, among other things, include an out-of-court transaction and a concurrent solicitation of votes in favor of a prepackaged plan of reorganization to be filed under Chapter 11 of the United States Bankruptcy Code if the conditions of the out-of-court transaction have not been met or waived by an agreed date that is currently expected to be in the month of August. While such negotiations are ongoing, the Company does not currently intend to make a payment in respect of the principal of the Floating Rate Notes, which mature on August 1, 2019. However, the out-of-court transaction described above will be available to all eligible holders of Notes, including the Floating Rate Notes.

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.

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