Midstates Petroleum plan OK’d by three of four voting creditor classes

By Caroline Salls

Pittsburgh, Aug. 15 – Midstates Petroleum Co., Inc.’s plan of reorganization was accepted by three of four voting creditor classes, according to a notice filed Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

The plan was accepted by all 12 holders of $252.02 million in first-lien claims and all 21 holders of $389.27 million in third-lien notes claims.

In addition, a total of 80 holders, or 96.39% in number, of $587.94 million, or 99.95% in amount, of second-lien notes claims voted to accept the plan, while three holders, or 3.61% in number, of $300,000, or 0.05% in amount, of those claims voted to reject it.

The unsecured notes/general unsecured claims class did not accept the plan. Specifically, 182 holders, or 34.6% in number, of $58.58 million, or 12.75% in amount, of unsecured notes/general unsecured claims voted to accept the plan, while 344 holders, or 65.4% in number, of $400.7 million, or 87.25% in amount, of those claims voted to reject it.

The plan confirmation hearing is scheduled for Aug. 29.

Midstates Petroleum, a Tulsa, Okla.-based exploration and production company, filed for bankruptcy on April 30. The Chapter 11 case number is 16-32237.

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