HOUSTON, Dec. 08, 2016 (GLOBE NEWSWIRE) — Memorial Production Partners LP (NASDAQ:MEMP) (“MEMP” or “the Partnership”) today announced that it has extended its previously announced forbearance agreements (the “Forbearance Agreements”) with certain noteholders that hold 51.7% of the Partnership’s 7.625% senior notes due 2021 (the “2021 notes”) and 69% of the Partnership’s 6.875% senior notes due 2022 (collectively, the “noteholders”). Under the terms of the Forbearance Agreements, the noteholders have agreed to forbear from exercising any and all remedies available to them as a result of MEMP’s previously announced election to not make an interest payment of approximately $24.6 million due on the 2021 notes. The Forbearance Agreements now extend through December 16, 2016.
MEMP is continuing to engage in discussions with its lenders and a steering committee of its noteholders regarding potential strategic alternatives to strengthen its balance sheet and improve its capital structure. The extension of the Forbearance Agreements will allow the parties to continue this dialogue and work towards a comprehensive solution.
Operations are continuing as normal across MEMP’s asset base.
Perella Weinberg Partners L.P. is serving as financial advisor to MEMP and Weil, Gotshal & Manges LLP is serving as its legal counsel.
About Memorial Production Partners LP
Memorial Production Partners LP is a publicly traded partnership engaged in the acquisition, production and development of oil and natural gas properties in the United States. MEMP’s properties consist of mature, legacy oil and natural gas fields. MEMP is headquartered in Houston, Texas. For more information, visit www.memorialpp.com.