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Bankruptcy Watch: 05/5/16

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As banks complete their Spring re-determination, the process where banks calibrate their credit levels for producers, the squeeze of 10-30% reductions are being felt as a growing number of producers have delayed their 10k reporting due to pending credit agreement defaults which need to be resolved in order to continue as a going concern. This week the following companies have announced, or indicated, they are pursuing some form of restructuring:

 

 

 

Midstates Petroleum, an E&P company with operations focused on oilfields in the Mississippian Lime play in Oklahoma and the Anadarko Basin in Texas and Oklahoma filed for Chapter 11 relief on Monday.  The company transports their oil production by Truck and has MVC agreements in place for their gas production.

 

Midstream Agreements:  None disclosed in 10K; no Midstream companies listed as Trade debtors in Ch 11 filing

 

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