Midstates exclusivity extended; October plan effective date expected

By Caroline Salls

Pittsburgh, Oct. 19 – Midstates Petroleum Co., Inc.’s exclusive periods for filing and soliciting votes on a plan of reorganization were extended through Nov. 15 from Oct. 20, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, Midstates’ plan was confirmed on Sept. 29.

The company said it is diligently working toward the plan effective date, which is expected to occur in October, but may occur after the previous Oct. 20 exclusivity termination date.

As a result, Midstates said it reached an agreement with its official committee of unsecured creditors and first-lien agent, a consenting second-lien informal committee and an informal consenting cross-over committee to extend the exclusive periods through Nov. 15.

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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