HOUSTON, Jan. 13, 2017 (GLOBE NEWSWIRE) -- Memorial Production Partners LP (
As previously announced, MEMP entered into a Plan Support Agreement with holders of 50.2% of the aggregate principal amount of the Partnership’s 7.625% senior notes due 2021 and the Partnership’s 6.875% senior notes due 2022 (collectively, the “Notes”). As of today, the holders of approximately 67.6% of the aggregate principal amount of the Notes have agreed to the terms of the Plan Support Agreement with such noteholders.
As previously announced, to implement the terms of the Plan Support Agreements and complete the deleveraging transaction proposed by the agreements, MEMP expects to voluntarily file for reorganization under Chapter 11 of the United States Bankruptcy Code.
MEMP’s operations and production are expected to continue as normal throughout the court-supervised financial restructuring process. The Partnership intends to continue meeting its employee, customer and vendor obligations in the normal course and will continue to adhere to all applicable regulatory and environmental standards.
MEMP expects to file a Current Report on Form 8-K with the Securities and Exchange Commission that will include the full terms of the definitive Plan Support Agreement with the lenders.
Perella Weinberg Partners L.P. is serving as financial advisor to MEMP and Weil, Gotshal & Manges LLP is serving...