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8 months ago
BRIEF-Memorial Production Partners announces plan support agreement
December 23, 2016 / 11:16 AM / 8 months ago

BRIEF-Memorial Production Partners announces plan support agreement

Dec 23 (Reuters) - Memorial Production Partners LP

* Memorial Production Partners - Entered into plan support deal with holders of 50.2% of partnership's 7.625% senior notes due 2021

* Entered into a plan support agreement with holders of 50.2% of partnership's 6.875% senior notes due 2022

* Memorial Production Partners - Expects to voluntarily file for reorganization under chapter 11 of united states bankruptcy code in coming weeks

* Memorial Production Partners-Reached agreement-in-principle with agent under its revolving credit facility on terms of a financial restructuring plan

* Financial restructuring will cancel more than $1.1 billion of principal in outstanding notes

* Memorial Production Partners-Reached agreement-in-principle on terms financial restructuring plan to eliminate more $1.3 billion of debt from balance sheet

* Memorial Production Partners - Operations and production expected to continue as normal throughout court-supervised financial restructuring process

* Memorial Production Partners-Monetized certain hedge positions, used proceeds to repay outstanding borrowings under revolving credit facility by about $190 million

* Memorial Production Partners LP announces plan support agreement and agreement-in-principle on comprehensive financial restructuring to deleverage balance sheet Source text for Eikon: Further company coverage:

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