Meridian Resource extends credit facility forbearance until Oct. 16

By Sara Rosenberg

New York, Oct. 15 - Meridian Resource Corp. extended its credit facility forbearance agreement again, this time to Oct.16 from Oct. 14, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

And, once again, Meridian warned that it is unlikely to meet the requirements.

Under the terms, the company must, by Oct. 16, 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.

Fortis Capital is the administrative agent on the deal.

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

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