FORT WORTH, Texas, Dec. 24, 2020 /PRNewswire/ — MD America Power, LLC and its subsidiaries (the “Firm” or “MD America”), a Texas-based oil and gasoline working firm, immediately introduced that the Firm has emerged from voluntary Chapter 11 safety, efficiently finishing its monetary restructuring course of. The Firm’s Plan of Reorganization was confirmed with out reservation by the US Chapter Courtroom for the Southern District of Texas Houston Division on December 14, 2020.
Below the Plan, the Firm’s pre-petition secured lenders have transformed a good portion of their debt into new fairness within the Firm, permitting MD America to emerge from the Chapter 11 course of with a strong stability sheet and with a stable basis for future progress and success.
In reference to the Plan’s completion, the Firm introduced Mike Dye’s appointment as the brand new Chief Govt Officer. Mr. Dye, who most not too long ago served because the Firm’s Chief Monetary Officer, brings greater than 20 years of business expertise and ten years of banking expertise to the position. Mr. Dye can be supported by Tim Bozeman, who will function the Firm’s Chief Working Officer, and Brooklyn George, serving because the Firm’s Chief Monetary Officer.
Mr. Dye commented, “I’m extremely grateful to be getting into the position of CEO. With our new capital construction in place, we’re effectively poised to vigorously compete in immediately’s fast-changing oil and gasoline sector, notably on this difficult financial atmosphere. I stay up for working hand-in-hand with the Board, our administration staff, and devoted staff as we proceed constructing on this momentum to form a brighter future for MD America. I need to thank our monetary stakeholders, advisors, and lenders, whose steerage and confidence in our enterprise enabled us to finish our restructuring on a completely consensual foundation and expedited timeline. We additionally need to thank our shoppers, royalty holders, suppliers, and strategic enterprise companions for his or her persistence and continued partnership by means of this course of. Most significantly, we thank our staff for his or her ongoing arduous work, dedication, and dedication to serving our shoppers and sustaining enterprise as regular operations as we labored to realize an optimum monetary construction for our firm.”
MD America was suggested on this course of by Paladin as Chief Restructuring Officer and monetary advisor and the regulation agency of Porter Hedges LLP as authorized advisor.
About MD America
MD America is a Texas based mostly oil and gasoline working firm engaged within the acquisition, improvement, exploitation and manufacturing of crude oil and pure gasoline properties in East Texas. Belongings at present consist of roughly 71,000 internet acres with over 300 drilled and operated wells.
Jennifer E. Mercer
Paladin for MD America Power, LLC
SOURCE MD America Power, LLC