Debt | Financial Trouble | Capital Markets | Private Equity Activity
Midstates Saddled With $1.9 Billion In Debt; Heading For Bankruptcy
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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.
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