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MD America Energy Enters into Fully Supported Restructuring Support Agreement

Vinson & Elkins is advising the secured term loan lenders in connection with MD America Energy, LLC’s prepackaged chapter 11 bankruptcy cases filed in the U.S. Bankruptcy Court for the Southern District of Texas on October 12, 2020.

The prepackaged plan envisages a debt-for-equity restructuring, supported by 100% of the debtors’ secured lenders, who executed a Restructuring Support Agreement on October 9, 2020. The restructuring is intended to reduce approximately $118 million of funded debt by approximately $58 million and, in exchange, provide term loan lenders with 100% of the equity in the reorganized debtors. The plan is expected to be confirmed and go effective by end of November.

The V&E team is led by partners Steven Abramowitz, Cris Dewar and David Meyer, counsel Kevin Heverin and senior associate Steven Zundell, in collaboration with partners Brian Bloom, Christopher Duffy, Vanessa Griffith, Peter Marshall, Matthew Moran, David Peck and Wendy Salinas; senior associates Rafael Alvarado and Jeannie Poland; and associates Lauren Meyers, John Morgan, Mary Daniel Morgan and Trevor Spears.

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