Kasowitz Client MDC Energy Resolves Creditor Trustee Motions; New Board and CEO Mark Siffin to Lead the Company
Kasowitz Benson Torres client MDC Energy (the “Company”) has reached an agreement with its creditors to resolve the creditors’ motions in the Company’s Chapter 11 bankruptcy proceedings to appoint a trustee to manage the Company. Under the agreement, reached with Natixis, New York Branch, BMO Harris Bank N.A., Riverstone Credit Management, LLC, as the administrative agent for the MTE Holdings lenders, and the Ad Hoc Committee of Trade Creditors, the Company will form a Board of Managers, including its CEO, Mark Siffin, and two independent directors, Neal Goldman and Matthew Doheny. Mr. Siffin will remain CEO and continue to be fully engaged in the Company’s operations, strategic options, and capital raising. The Company has also agreed to appoint Scott Pinsonnault of Ankura Consulting Group, LLC, as its Chief Restructuring Officer, who will report to the Board and assist Mr. Siffin and management navigate the Chapter 11 restructuring process.
Under the leadership of the newly constituted Board and its CEO, Mr. Siffin, the Company, with Kasowitz as its legal advisors, will work to complete the Company’s restructuring as quickly as possible and to position the Company to maximize value for all stakeholders.The Kasowitz team representing MDC Energy is led by partner Andrew K. Glenn and managing partner Marc E. Kasowitz and includes partners Kenneth R. David and Matthew B. Stein, Counsel David J. Mark, Special Counsel Gary W. Dunn, and associates Michele L. Angell, Shai Schmidt, Andrew S. Golden and Christine M. Rodriguez.