Meridian Resource pushes out forbearance agreement until Dec. 21

By Sara Rosenberg

New York, Dec. 17 - Meridian Resource Corp. extended its credit facility forbearance agreement to Dec. 21 from Dec. 14, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

The agreement has already been extended a number of times.

Under the terms, the company must, by Dec. 21, 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 amendment/extension was obtained on Dec. 14.

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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