reached forbearance agreements with lenders and certain holders of its seniornotes, allowing the partnership to postpone payments needed to cure its $143.7million borrowing basedeficiency.
Atlas saidin a regulatory filing that it will not make the first installment payment, dueJuly 11.
One of theagreements was made with Wells Fargo Bank NA and other lenders under itsrevolving credit agreement, representing about 81% of the outstandingindebtedness under the facility. The other was with holders of about 78% of7.75% senior notes and about 82% of 9.25% senior notes.
Generalpartner Atlas Energy GroupLLC reached waiver agreements with Riverstone Credit Partners LPand its lenders, as the forbearance agreements constituted cross-defaults underits first-lien and second-lien credit agreements, according to a separate SECfiling.
Riverstoneand the lenders waived the cross-defaults as long as the forbearance continuesand waived any default from the partnership's ongoing negotiations as long asany resulting restructuring is completed before Oct. 31.
As of June14, Atlas Resource Partners had $673.7 million in outstanding borrowings underits revolving credit agreement, including $4.2 million in letters of credit. Asof July 11, Atlas had about $32 million of cash on hand.