Each one in plain English, with the numbers worked through for a shareholder.
7 Sept 2016material agreement● Neutral
On August 31, 2016, Midstates signed a Second Plan Support Agreement amendment under which the consenting first lien lenders and noteholders agreed to support the First Amended Chapter 11 Plan filed August 24, which revised distributions to second lien noteholders.
Midstates and its creditors amended their bankruptcy Plan Support Agreement to push back key case deadlines, extending the timeline toward confirming the reorganization plan.
Midstates and its operating subsidiary filed for Chapter 11 bankruptcy, having lined up a Plan Support Agreement with about 80% of first-lien lenders and 74-77% of second- and third-lien noteholders to back a pre-negotiated restructuring.
Amid its deepening financial crisis, Midstates dismissed Deloitte & Touche as its auditor; Deloitte's prior reports had flagged substantial doubt about the company's ability to continue as a going concern.
Midstates borrowed the remaining roughly $249.2 million under its credit facility for general corporate purposes, leaving cash of about $335.7 million. The NYSE also began delisting proceedings because market capitalization averaged under $15 million, and the stock moved to the OTC Pink market.
R/C IV Eagle Holdings, L.P, Riverstone/Carlyle Energy Partners IV, L.P, R/C Energy GP IV, LLC reported a Amplify Energy Corp. shareholding of 1,960,265 shares (18.10% of votes) in a periodic institutional filing.
R/C IV Eagle Holdings, L.P, Riverstone/Carlyle Energy Partners IV, L.P, R/C Energy GP IV, LLC reported a Amplify Energy Corp. shareholding of 2,286,039 shares (21.10% of votes) in a periodic institutional filing.
R/C IV Eagle Holdings, L.P, Riverstone/Carlyle Energy Partners IV, L.P, R/C Energy GP IV, LLC reported a Amplify Energy Corp. shareholding of 2,626,686 shares (24.20% of votes) in a periodic institutional filing.
R/C IV Eagle Holdings, L.P, Riverstone/Carlyle Energy Partners IV, L.P, R/C Energy GP IV, LLC reported a Amplify Energy Corp. shareholding of 2,741,944 shares (25.30% of votes) in a periodic institutional filing.
R/C IV Eagle Holdings, L.P, Riverstone/Carlyle Energy Partners IV, L.P, R/C Energy GP IV, LLC reported a Amplify Energy Corp. shareholding of 2,890,046 shares (26.50% of votes) in a periodic institutional filing.
R/C IV Eagle Holdings, L.P, Riverstone/Carlyle Energy Partners IV, L.P, R/C Energy GP IV, LLC reported a Amplify Energy Corp. shareholding of 2,983,508 shares (27.50% of votes) in a periodic institutional filing.
Midstates' credit facility was reaffirmed at a sharply reduced $252 million borrowing base, with lenders pre-clearing a further cut if a pending asset sale closed.
R/C IV Eagle Holdings, L.P, Riverstone/Carlyle Energy Partners IV, L.P, R/C Energy GP IV, LLC reported a Amplify Energy Corp. shareholding of 3,116,520 shares (28.60% of votes) in a periodic institutional filing.
R/C IV Eagle Holdings, L.P, Riverstone/Carlyle Energy Partners IV, L.P, R/C Energy GP IV, LLC reported a Amplify Energy Corp. shareholding of 3,254,756 shares (29.90% of votes) in a periodic institutional filing.
R/C IV Eagle Holdings, L.P, Riverstone/Carlyle Energy Partners IV, L.P, R/C Energy GP IV, LLC reported a Amplify Energy Corp. shareholding of 3,472,376 shares (31.60% of votes) in a periodic institutional filing.
The companion registration for the other tranche of the same 2015 debt exchange: $524.1 million of 12% third-lien notes due 2020, the most deeply subordinated and highest-coupon layer of the restructured debt, swapped for registered notes on identical terms. It repeats the same going-concern warning as the second-lien prospectus filed the same day.
Midstates registered an exchange of up to $625 million of 10% second-lien notes due 2020, issued on May 21, 2015, for identical SEC-registered notes. The exchange satisfied obligations from the earlier private issue and brought no new cash.
Eagle Energy Production, LLC, Eagle Energy Operating Company, LLC, Eagle Energy Operating GP, LLC, Eagle Energy Company of Oklahoma, LLC, R/C IV Eagle Holdings, L.P, Riverstone/Carlyle Energy Partners IV, L.P, R/C Energy GP IV, LLC reported a Amplify Energy Corp. shareholding of 3,541,665 shares (32.20% of votes) in a periodic institutional filing.
Midstates fell further out of NYSE compliance on minimum market capitalization and stockholders' equity, triggering formal delisting procedures unless it submitted an acceptable recovery plan.
Midstates and its subsidiary signed an Eighth Amendment to their SunTrust-led credit agreement on August 5, 2015. It raised the limit on certain leases they may enter into in any twelve-month period from $2.0 million to $3.5 million.