Midstates Petroleum wins final court approval to use cash collateral

By Caroline Salls

Pittsburgh, July 1 – Midstates Petroleum Co., Inc. secured final court approval to use the cash collateral of its pre-bankruptcy secured parties to fund its operations while in bankruptcy, according to an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

Parties with interest in the cash collateral include RBL credit agreement agent Sun Trust Bank, NA and the RBL lenders, second-lien and third-lien notes trustee Wilmington Trust, NA and the second-lien and third-lien noteholders.

The interim cash collateral use will terminate five business days after written notification of an event of default.

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

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