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Report: Creditors seek control of McClendon-founded Permian Resources

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Report: Creditors seek control of McClendon-founded Permian Resources

Creditor firms are looking to take control of PermianResources LLC, a struggling E&P company founded by Aubrey McClendon, DowJones Newswires reported July 12, citing "people familiar with the matter."

The firms, which include , OaktreeCapital Group LP, EIG GlobalEnergy Partners LLC, AresManagement LP and WLRoss & Co. LLC, may initiate a debt-for-equity swap and takethe company public through a merger, the sources said.

A deal is still under negotiation with some of PermianResources owners — Energy &Minerals Group, FirstReserve Corp. and McClendon's estate — according to the report. Anydeal may also involve a cash infusion, possibly from the company's owners orcreditors.

Permian Resources may run out of cash as soon as early2017 unless oil prices have a major recovery, the report said, citing creditrating agencies.

Permian Resources, formerly named American Energy —Permian Basin LLC, is part of the group of companies launched by McClendon'sAmerican Energy Partners LP,which closed its doorsin May.

McClendon, who died March 2 in a car crash, foundedAmerican Energy Partners after his ouster from Chesapeake Energy Corp.