Meridian Resource amends loan, temporarily extending forbearance

By Sara Rosenberg

New York, Oct. 6 - Meridian Resource Corp. amended its credit facility, extending a forbearance agreement until Oct. 7 from Oct. 2, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Under the forbearance, the company must, by Oct. 7, enter into an agreement to be acquired, get a capital infusion of subordinated debt or equity to repay the borrowing base deficiency or enter into an agreement to sell enough assets to repay the borrowing base deficiency.

The company warned that it is unlikely that it will meet the requirements of the forbearance agreement by Oct. 7.

The amendment was obtained on Oct. 2.

Fortis Capital is the administrative agent on the deal.

Meridian Resource is a Houston-based independent oil and natural gas company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.