U.S. shale driller Ascent Resources Marcellus Holdings LLC, which filed for chapter 11 protection on Tuesday, expects to exit bankruptcy by March 31 under the new ownership of its lenders, lawyers for the company and its lenders said in court yesterday, Reuters reported. The bankruptcy petition by Ascent, one of the companies founded by late U.S. oilman Aubrey McClendon after he left Chesapeake Energy Corp, followed two years of negotiations with lenders to work out a reorganization plan, the lawyers said. Dozens of North American oil and gas producers began filing for chapter 11 protection in 2015 after a plunge in commodity prices. Even though prices have since recovered, Oklahoma City, Okla.-based Ascent said in court papers that its revenue and production volume still failed to cover expenses and contract commitments.
