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Penn Virginia Corp. of Radnor, one of the region’s oldest actual businesses, filed for defalcation aegis Thursday, a blow of the accepted attempt in activity prices.

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Founded in 1882 by Philadelphia atramentous barons, the aggregation transitioned to shale-oil assembly in contempo years but was afflicted by aftermost year’s oil-price collapse, which breakable its acquirement and beneath the amount of its oil and gas reserves.

The company, whose acreage is concentrated in Texas but includes backing in Pennsylvania’s Marcellus Shale region, listed assets of $518 actor and debts of $1.4 billion in filings with the U.S. Defalcation Cloister for the Eastern District of Virginia.

“Like abounding added analysis and assembly companies, Penn Virginia has been decidedly afflicted by the contempo and connected affecting abatement in oil and accustomed gas prices,” Edward B. Cloues II, administrator and acting arch executive, said in a statement.

“We accept application the Chapter 11 action is the best able way to accomplish our banking objectives and deleverage the company’s antithesis sheet,” he said.

The accepted oil glut, engineered by Saudi Arabia to administer affliction aloft aggressive oil producers, has delivered abundant allowances to activity consumers but bedridden American shale-oil ventures that had adopted heavily to aggrandize drilling.

Penn Virginia joins the ranks of 69 oil and gas companies civic that accept filed for defalcation back the alpha of 2015, according to Haynes & Boone, a Houston law close that publishes the Oil Patch Defalcation Monitor. The broke companies had a absolute of $34.3 billion in debt, abundant of it now wiped out.

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The beating in oil and gas prices has not absolved Pennsylvania, area the cardinal of assignment rigs operating in the Marcellus Shale arena has plummeted from 115 bristles years ago to 16 this month. Penn Virginia, while it maintains a baby cardinal of operating gas wells in Pennsylvania, apoplectic new conduct in the Marcellus several years ago to apply on the oil-rich Eagle Ford accumulation in South Texas.

Penn Virginia’s filing is a prearranged restructuring that will abate the company’s abiding debt of $1.2 billion by added than $1 billion. The aggregation said that 87 percent of its noteholders agreed to the restructuring plan, which includes $128 actor in avenue costs and a $50 actor alms of shares back the new aggregation emerges.

The company’s filings accustomed the prearranged avenue costs as aberrant in the active oil analysis and assembly sector.

“Traditional banks accept become added afraid to accommodate to upstream producers like the debtors beneath accepted bazaar conditions,” it said.

Penn Virginia anticipates arising from defalcation by the end of the summer.

The aggregation asked for permission to abide advantageous its 96 actual employees, including assimilation bonuses for key executives. Best of Penn Virginia’s advisers are amid at its Houston operational office.

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Many of Penn Virginia’s creditors are suppliers and contractors that did abundant of the company’s fieldwork. The better barter debt listed is $1.7 actor owed to Patterson-UTI Conduct Co., a above conduct contractor.

The account of creditors includes $170,000 owed to the landlords of Penn Virginia’s accumulated headquarters, Radnor Center Associates, a accessory of Brandywine Realty Trust.

Penn Virginia’s absolute 86.5 actor accepted shares, which traded in aboriginal 2014 at added than $17 each, on Thursday bankrupt at about 2 cents in over-the-counter trading. Beneath the defalcation filing, disinterestedness will be “canceled, aished and discharged.”

Penn Virginia was founded by the antecedents of Lehigh Valley anthracite atramentous mining, and after confused to bituminous atramentous assembly in Pennsylvania and Virginia. In its 21st-century incarnation, it adapted itself into a shale-oil producer.

But as a backward access into the shale industry, analysts said, Penn Virginia paid college prices for conduct rights, active up its costs. A Moody’s Investors Service allegory aftermost August of 90 oil- and gas-exploration companies placed Penn Virginia asleep aftermost for “full-cycle costs” to aftermath a of oil.

The defalcation filing was not unexpected.

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After oil prices fell at the end of 2014, the aggregation bargain operations, awash noncore assets to accomplish about $73 million, cut its workforce by about 40 percent from 2014 levels, and abeyant adopted stock-dividend payments.

Large investors, including Soros Fund Management and Lone Star Amount Management, apprenticed the aggregation to acquisition a buyer. But the company’s banal connected to plummet, and the New York Banal Exchange delisted its shares beforehand this year back they got ashore beneath $1.

After its auditors bidding agnosticism about its adeptness to abide as a “going concern,” putting Penn Virginia in aperture of its debt obligations, the aggregation agitated efforts to ad-lib a debt-restructuring plan.

Penn Virginia’s advance bank, Jefferies L.L.C., which had been exploring for abeyant buyers or investors back aftermost year, abiding contacts with 16 abeyant third-party investors. Four fabricated proposals.

But the accomplishment proposals from investors allotted Penn Virginia’s creditors with “significantly” beneath than bisected of the buying of the reorganized company. About 87 percent of the noteholders active on to Penn Virginia’s busy debt-for-equity restructuring agreement, according to cloister papers.

Penn Virginia assured that “the consensual aisle advised by the restructuring abutment acceding maximizes amount for all stakeholders,” the aggregation said in its filings.

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Under the agreement, Penn Virginia accustomed a charge for $25 actor in debtor-in-possession costs from lenders that, accumulated with the company’s banknote affluence and banknote from operations, is accepted to accommodate clamminess throughout the Chapter 11 about-face process.

Penn Virginia’s defalcation attorneys are Kirkland & Ellis of New York. Wells Fargo is the abettor for the lenders. And R. Seth Bullock of Alvarez & Marsal is acting as arch restructuring officer.

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1882: A accumulation of investors led by John Leisenring, which had been mining in the Lehigh Valley anthracite fields, forms the Virginia Atramentous & Iron Co. It was a captivation aggregation that endemic mineral rights it busy to its accompaniment company, Westmoreland Atramentous Co.

1967: Virginia Atramentous & Iron changes its name to Penn Virginia Co.

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1994: Westmoreland Atramentous files for defalcation aegis and after moves to Colorado.

2001: Penn Virginia transitions from actuality a captivation aggregation of mineral rights to a gas and oil producer. It hires H. Baird Whitehead, an oil-patch veteran, as arch executive.

2009: Natural gas prices activate to abatement as the shale-gas bang takes off. Gas accounted for best of Penn Virginia’s revenue.

2010: Penn Virginia added its acreage position in the Eagle Ford shale accumulation in South Texas and began alive from gas to oil production.

2015: Oil prices attempt accepted because of an oversupply. Oil assembly is about 90 percent of Penn Virginia’s revenue, and assets went into a abrupt decline.

May 12, 2016: Penn Virginia files for Chapter 11 defalcation protection.

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SOURCE: “In the Kingdom of Coal,” by Dan Rottenberg; SEC filings

Published: May 12, 2016 — 9:18 AM EDT | Updated: May 12, 2016 — 10:55 PM EDT

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