Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Bonds

Midstates Petroleum Company Plan Effective

Midstates Petroleum Company's First Amended Joint Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on September 28, 2016. With completion of its restructuring, the Company has eliminated approximately $2 billion of debt along with more than $185 million of annual interest expense. Midstates Petroleum's new capital structure consists of a $170 million first lien revolving credit facility maturing in 2020. The Company exits Chapter 11 protection with approximately $75 million in total liquidity and a business plan that projects positive free cash flow at current strip pricing. Jake Brace, Company president and C.E.O., states, "I would like to thank our lenders and noteholders, members of our former board of directors, and all the financial, legal and restructuring advisors who worked tirelessly throughout this process and contributed to its successful outcome….We look forward to working closely with all of our key stakeholders going forward and we are excited about the opportunities that lie ahead." In accordance with the Plan, the terms of the Company's previous board of directors expired and Midstates Petroleum appointed a new board, which consists of the following seven members: Alan Carr, Patrice Douglas, Neal Goldman, Todd Snyder, Michael Reddin, Bruce Vincent and Jake Brace. In connection with its emergence, Midstates Petroleum received approval for its common stock to be listed for trading on the NYSE MKT platform under the symbol MPO. This oil and gas producer filed for Chapter 11 protection on April 30, 2016, listing $679 million in total pre-petition assets.

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