Martin Midstream Partners, its general partner and subsidiaries have entered into a restructuring support agreement with holders who beneficially own over 62 percent of the company’s 7.25 percent notes due 2021. The pact contemplates that the company will start an out of court exchange offer to exchange existing notes for cash, 11.5 percent senior secured second lien notes due 2025 and rights to acquire 10 percent senior secured 1.5 lien notes due 2024.
If conditions of the exchange offer are not satisfied, company intends to file petitions under Chapter 11 and pursue an in-court restructuring. The company expects to continue business operations and does not anticipate interruptions during restructuring regardless of Chapter 11 process.
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