confirmed that it is being delistedfrom the NYSE, the latest setback for an upstream MLP that is sinking in debtand steadily losing investor confidence.
Thepartnership failed to comply with the listing standard that its common unitsmust have a closing price of $1 per unit on the last trading day of anycalendar month in the last six months, and at least $1 average unit price over the30 trading days before month-end. Atlasunits stood at 32 cents on the close of trading July 12.
Atlas hasno plans to appeal the delisting, the partnership said in a July 12 newsrelease. Its common units and preferred units began trading on the OTCQX BestMarket on July 13. Common units will be traded under the symbol ARPJ, class Dpreferred units under ARPJP and class E preferred units under ARPJN.
The daybefore, Atlas struck forbearancedeals with lenders and senior note holders, deferring payments itneeds to make to remedy a $143.7 million borrowing base deficiency. Atlas reported $673.7 millionin debt under its revolving credit agreement as of June 14 and only $32 millionof cash on hand July 11.
Its parent,Atlas Energy Group LLC,had already been delistedby the NYSE in March. Still, CEO Edward Cohen was able to pull in $74.8 millionin total 2015 compensation,which included equity award cash-outs and merger-related severance pay.