Davis Polk is advising an ad hoc group of holders of the second-lien notes of Midstates Petroleum Company, Inc. in connection with Midstates Petroleum’s chapter 11 bankruptcy case, filed in the Bankruptcy Court for the Southern District of Texas on April 30, 2016. The members of the ad hoc group agreed to a Plan Support Agreement with the company and a substantial amount of first-lien lenders and third-lien noteholders, pursuant to which the second-lien noteholders will receive 96.3% of reorganized Midstates Petroleum equity upon emergence from bankruptcy. Members of the ad hoc group include Avenue Capital Management, Fir Tree Partners, Pine River Capital Management and Sound Point Capital Management.

Midstates Petroleum is an independent exploration and production company focused on the application of modern drilling and completion techniques in oil- and liquids-rich basins in the onshore United States. Its operations are currently focused on oil fields in the Mississippian Lime play in Oklahoma and the Anadarko Basin in Texas and Oklahoma.

The Davis Polk insolvency and restructuring team includes partner Brian M. Resnick and associates Natasha Tsiouris and Benjamin M. Schak. The credit team includes partner Lawrence E. Wieman and associate Vivian Y. Wong. All members of the Davis Polk team are based in the New York office.

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