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Memorial Production Partners Bankruptcy Reorganization Effective

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Memorial Production Partners’ Second Amended Joint Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection under the name Amplify Energy. The U.S. Bankruptcy Court confirmed the Plan on April 14, 2017.

The Company announced the engagement of Jefferies as lead advisor and the initiation of a process to explore and evaluate potential strategic alternatives, which will include marketing certain non-core assets for sale.

BankruptcyData’s detailed Plan Summary notes, “The Plan provides substantial benefits to the Debtors and all of its stakeholders. It would leave the Debtors’ business intact and substantially delevered, providing for the reduction of approximately $1.4 billion of the Debtors’ existing net debt. This deleveraging would enhance the Debtors’ long-term growth prospects and competitive position and allow the Debtors to emerge from the Chapter 11 Cases as reorganized entities better positioned to withstand depressed oil and natural gas prices.”

According to a corporate release, following completion of the financial restructuring, the Company will have 25 million shares of its common stock outstanding. The Company informed NASDAQ that it does not intend for the shares of Amplify Energy to be listed on NASDAQ, but it is in the process of registering for its shares to be traded and quoted on the OTCQX or OTCQB market.

William J. Scarff, president and chief executive officer states, “This is an important day for our company and our stakeholders. In addition to strengthening our financial position, we have made great strides organizationally that will position the Company to generate significant free cash flow, drive growth and achieve long-term success.”

The oil and natural gas producer filed for Chapter 11 protection on January 16, 2017, listing $2.9 billion in pre-petition assets.

Read more oil & gas bankruptcy news.

The post Memorial Production Partners Bankruptcy Reorganization Effective appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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