Debt | Financial Trouble | Capital Markets | Private Equity Activity
Midstates Saddled With $1.9 Billion In Debt; Heading For Bankruptcy
Email
Print 
Bookmark
Midstates warned in its 10k filing that it believes Chapter 11 bankruptcy might provide them with the most expeditios manner in which to effect a new capital structure.
As you might remember, back on Feb 9, the company maxed out its credit facility by borrowing the remaining $249.2 million which brought the company's cash balance to $335.7 million.
The company next schedule interest payment of $15.8 million to holders of the 2020 Senior notes is currently being evaluated. If the payment is not made by April 1, 2016 the company would have 30 days before its considerd a technical default.
Midstates operates in the Miss Lime play in the Mid-Continent region. The company has racked up more than $1.9 billion in debt.
Related Categories :
Financial Trouble
More Financial Trouble News
-
Silverbow Resources Board Adopts 'Poison Pill' Strategy
-
Hess Corp. Second Quarter 2022 Results
-
Basic Energy Services Files for Bankruptcy; Inks Stalking Horse Deals
-
Amplify Energy Regains Compliance with NYSE
-
Report: Chesapeake Poised to Emerge from Bankruptcy
Mid-Continent News >>>
-
Large E&P Chops Permian/Anadarko Basin Frac Activity by 30% In 2024
-
Contrary to The Noise, U.S. Oil Production will Likely Growth 4-5% In 2024; A look Inside -
-
A Look at Capital Spending By Company In First Half 2023; Budget Exhausion?
-
Large Permian E&P Cuts Capex;Outlines New D&C Plans, 2024
-
Oil Report : Play Oil For a Bounce Here
