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Memorial Production Partners Chapter 11 Petition Filed

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Memorial Production Partners (MEMP) and 14 affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 17-30262. The Company, which engages in the acquisition, development, exploitation and production of oil and natural gas properties, is represented by Alfredo R. Perez of Weil, Gotshal & Manges.

The filing was initiated in order to implement the financial restructuring contemplated under the Company’s plan support agreement (PSA) with certain of its noteholders and lenders. The PSA is supported by holders of approximately 69% of the Company’s 7.625% Senior Notes due 2021 and 6.875% Senior Notes due 2022. In addition, lenders holding 100% of the loans under the Company’s revolving credit facility support the restructuring plan with a separate PSA. The financial restructuring is expected to eliminate more than $1.3 billion of debt from the Company’s balance sheet and enhance its financial flexibility.

William J. Scarff, president and C.E.O. of the general partner of MEMP, comments, “Today, with the support of our noteholders and lenders, we are implementing our financial restructuring plan. We believe that our agreements with our noteholders and lenders and the court-supervised financial restructuring process provide for a clear and expedited path to reduce debt and position MEMP for long-term success.”

The Company expects to have sufficient liquidity to continue its operations and meet its obligations in the ordinary course and, therefore, is not seeking debtor-in-possession financing at this time.

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