Midstates committee eyes two-month continuation of disclosure hearing

By Caroline Salls

Pittsburgh, June 14 – Midstates Petroleum Co., Inc.’s official committee of unsecured creditors asked the U.S. Bankruptcy Court for the Southern District of Texas to postpone the June 20 hearing to approve the disclosure statement for the company’s Chapter 11 plan, according to a motion filed Monday.

“The disclosure statement hearing is premature, and the plan-related deadlines are not tied to any legitimate need of the debtors or their estates to emerge from Chapter 11 at ‘warp speed’ and will only serve to deprive the committee of its ability to discharge its fiduciary duties to unsecured creditors in these cases,” the motion said.

The committee is asking the court to continue the disclosure statement hearing to no earlier than Aug. 19 and to extend the deadline for the committee to file objections to the disclosure statement to no earlier than Aug. 5.

Under the current timeline, the voting record date is the same date as the disclosure statement hearing, the solicitation and plan objection deadlines are July 18, and the plan confirmation hearing is scheduled for July 25.

Midstates Petroleum, a Tulsa, Okla.-based exploration and production company, filed for bankruptcy on April 30. The Chapter 11 case number is 16-32237.

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