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MLP Bankruptcy Watch: 6/3/16

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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:

 

Warren Resources, an E&P producer with operating assets in California and Pennsylvania, filed for Chapter 11 in order to seek a restructuring of their $545MM Debt.

 

Midstream Agreements:  The Chapter 11 filing did not include any midstream trade debt credits and in their most recent 10k, the company disclosed that all of their California production is sold to the Phillips 66 Refinery in Carson, CA

 

 

 

 

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