MD America Energy Completes Financial Restructuring; Successfully Emerges from Chapter 11 with Strengthened Capital Structure and Enhanced Liquidity
Txylo.com/10107230

Trending...
FORT WORTH, Texas, Dec. 24, 2020 /PRNewswire/ -- MD America Energy, LLC and its subsidiaries (the "Company" or "MD America"), a Texas-based oil and gas operating company, today announced that the Company has emerged from voluntary Chapter 11 protection, successfully completing its financial restructuring process. The Company's Plan of Reorganization was confirmed without reservation by the United States Bankruptcy Court for the Southern District of Texas Houston Division on December 14, 2020.

Under the Plan, the Company's pre-petition secured lenders have converted a significant portion of their debt into new equity in the Company, allowing MD America to emerge from the Chapter 11 process with a robust balance sheet and with a solid foundation for future growth and success.

In connection with the Plan's completion, the Company announced Mike Dye's appointment as the new Chief Executive Officer.  Mr. Dye, who most recently served as the Company's Chief Financial Officer, brings more than 20 years of industry experience and ten years of banking experience to the role. Mr. Dye will be supported by Tim Bozeman, who will serve as the Company's Chief Operating Officer, and Brooklyn George, serving as the Company's Chief Financial Officer.

More on Txylo.com
Mr. Dye commented, "I am incredibly grateful to be stepping into the role of CEO. With our new capital structure in place, we are well poised to vigorously compete in today's fast-changing oil and gas sector, particularly in this challenging economic environment. I look forward to working hand-in-hand with the Board, our management team, and dedicated employees as we continue building on this momentum to shape a brighter future for MD America. I want to thank our financial stakeholders, advisors, and lenders, whose guidance and confidence in our business enabled us to complete our restructuring on a fully consensual basis and expedited timeline. We also want to thank our clients, royalty holders, suppliers, and strategic business partners for their patience and continued partnership through this process. Most importantly, we thank our employees for their ongoing hard work, dedication, and commitment to serving our clients and maintaining business as usual operations as we worked to achieve an optimal financial structure for our company."

More on Txylo.com
MD America was advised in this process by Paladin as Chief Restructuring Officer and financial advisor and the law firm of Porter Hedges LLP as legal advisor.

About MD America
MD America is a Texas based oil and gas operating company engaged in the acquisition, development, exploitation and production of crude oil and natural gas properties in East Texas. Assets currently consist of approximately 71,000 net acres with over 300 drilled and operated wells.

Media Contact
Jennifer E. Mercer
Paladin for MD America Energy, LLC
[email protected]

SOURCE MD America Energy, LLCstats
Filed Under: Business
Show All News | Report Violation

0 Comments

Latest on Txylo.com