Business Context and Reporting Period
This Form 8-K is filed by Midstates Petroleum Company, Inc. (not Amplify Energy Corp.) on August 31, 2016. The company and its affiliate, Midstates Petroleum Company LLC, are currently in Chapter 11 bankruptcy reorganization proceedings in the United States Bankruptcy Court for the Southern District of Texas (Case No. 16-32237), having filed voluntary petitions on April 30, 2016.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on legal proceedings and agreements related to the bankruptcy reorganization.
Material Changes and Events
- Second Amendment to Plan Support Agreement: On August 31, 2016, the Debtors entered into a Second Amendment to the Plan Support Agreement with Requisite Creditors. This amendment obligates Consenting First Lien Lenders and Consenting Noteholders to support the Amended Plan, including specific revisions to distributions for holders of Second Lien Notes Claims.
- Amended Reorganization Plan: On August 24, 2016, the Debtors filed the First Amended Joint Chapter 11 Plan of Reorganization with the Bankruptcy Court, superseding the initial plan filed on May 14, 2016.
Guidance, Outlook, and Risks
The filing does not contain forward-looking financial guidance or management commentary on operational outlook. The primary risk and contingency highlighted is the ongoing Chapter 11 reorganization process. The success of the reorganization depends on the support of creditors under the amended Plan Support Agreement and the confirmation of the Amended Plan by the Bankruptcy Court.
Key Facts for Investor Verification
- Verify the specific terms of the Second Amendment to Plan Support Agreement (Exhibit 10.1) regarding creditor support and distribution changes.
- Review the First Amended Joint Chapter 11 Plan of Reorganization (Exhibit 99.1) for details on capital structure and claim treatment.
- Confirm the status of the bankruptcy case (No. 16-32237) in the Southern District of Texas to track plan confirmation progress.
- Note that the registrant is Midstates Petroleum Company, Inc., not Amplify Energy Corp.