Midstates case deadlines extended under support agreement amendment

By Caroline Salls

Pittsburgh, July 6 – Midstates Petroleum Co., Inc. entered into a first amendment to the plan support agreement with some of its lenders to extend case milestones set in the agreement, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

Under the amended agreement, the deadline for approval of Midstates’ disclosure statement was extended to July 14 from June 23 and the deadline for confirmation of its plan of reorganization was extended to Aug. 19 from July 28. If the members of the company’s official committee of unsecured creditors do not object to the plan, the confirmation deadline will be Sept. 2.

The amendment requires Midstates to emerge from bankruptcy by Sept. 17, extended from Aug. 12.

If the confirmation order is not entered by the deadline, the company’s second-lien noteholders have a right until Sept. 17 to terminate a second-lien/third-lien plan settlement.

Any consenting party can terminate the plan support agreement if the plan does not take effect by Feb. 9, 2017, extended from Jan. 25, 2017.

Midstates Petroleum, a Tulsa, Okla.-based exploration and production company, filed for bankruptcy on April 30 in the U.S. Bankruptcy Court for the Southern District of Texas. The Chapter 11 case number is 16-32237.

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