MD America Energy, Fort Worth, Tex., filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in the US Bankruptcy Court for the Southern District of Texas to implement a pre-packaged restructuring plan.
The company has proposed a confirmation schedule that would result in emerging from bankruptcy in 45-60 days and said it has ample liquidity to support operations during this time and business operations will continue in the ordinary course uninterrupted.
Subject to court approval, the company intends to pay vendors, suppliers, and other third-party contractors for goods and services provided prior to the filing date in the ordinary course of business.
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 71,000 net acres with over 300 drilled and operated wells.