Midstates Petroleum Co. Inc. has emerged from Chapter 11 bankruptcy protection after meeting all conditions of its plan of reorganization, which was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on Sept. 29.
Midstates Petroleum has now eliminated about $2 billion of debt and more than $185 million of annual interest expense, according to an Oct. 21 press release.
The new capital structure consists of a $170 million first-lien revolving credit facility maturing in 2020. There is about $75 million in total liquidity, and the business plan projects positive free cash flow at current strip pricing.
Under the plan, the new, seven-member board of directors includes Alan Carr, Patrice Douglas, Neal Goldman, Todd Snyder, Michael Reddin, Bruce Vincent and Jake Brace, effective Oct. 21. The previous board members’ terms had expired, the press release said.
Midstates is now approved to list common stock for trading on NYSE MKT under the ticker “MPO.”
Evercore was the financial adviser; Huron Consulting Group was the restructuring adviser; and Kirkland & Ellis LLP was the legal adviser, the press release said.
Midstates Petroleum Co. Inc. is based in Tulsa, Okla.
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