Midstates Petroleum (MPO) Completes Ch. 11 Bankruptcy; Will Trade Under 'MPO'
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Midstates Petroleum Emerges From Bankruptcy
October 21, 2016 4:04 PM EDTTULSA, Okla., Oct. 21, 2016 (GLOBE NEWSWIRE) -- Midstates Petroleum Company, Inc. (Midstates or the Company) announced today that it has emerged from Chapter 11 bankruptcy protection, after satisfying all of the conditions precedent to the effectiveness of its Plan of Reorganization (the Plan), which was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on September 29, 2016.Â
With the completion of its restructuring, the Company has eliminated approximately $2 billion of debt along with more than $185 million of annual interest expense. Midstates new capital structure consists of a $170 million first lien revolving credit facility maturing in 2020. The... More
