Memorial Production plan OK’d by two classes, rejected by two others

By Caroline Salls

Pittsburgh, April 3 – Memorial Production Partners LP’s plan of reorganization was rejected by two of four voting creditor classes, according to a ballot report filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

All three holders of $456,000 in Beta Trust claims voted to reject the plan, as did holders of 35.29% of Memorial parent interests, representing 3.51 million of the units.

Meanwhile, all 27 holders of $457.17 million in RBL credit facility claims voted to accept the plan.

In addition, 99.92% of holders of unsecured notes claims, representing $915.71 million in amount of those claims, voted to accept the plan, while holders of $705,000 of those claims voted to reject it.

The plan confirmation hearing is scheduled for April 4.

Memorial is focused on the acquisition, production and development of oil and natural gas properties in the United States. The Houston-based company filed bankruptcy on Jan. 16 under Chapter 11 case number 17-30262.

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