Saratoga Resources Inc. (NYSE MKT: SARA) has entered amendments extending the terms of the existing forbearance agreements with all of the holders of notes in the amount of $54.6 million issued under that certain indenture dated as of Nov. 22, 2013, by and among the company and its subsidiaries and The Bank of New York Mellon Trust Co. NA, as trustee; and 75% or more of the holders of notes in the amount of $125.2 million issued under that certain Indenture dated as of July 12, 2011, as supplemented or amended, by and among the company and its subsidiaries and The Bank of New York Mellon Trust Co. NA, as trustee.
Pursuant to the terms of the amended forbearance agreements, the forbearance period under the existing forbearance agreements has been extended until April 30.
The company has engaged Conway MacKenzie Management Services LLC (CMS) to act as its financial advisor in connection with its ongoing efforts to restructure its senior debt. Pursuant to that engagement, the company has appointed Jeff N. Huddleston, of CMS, as interim CFO, and John T. Young Jr., also of CMS, as strategic alternatives officer. Huddleston, Young, and CMS will work with management, the independent directors, and the board with a view to maximizing value and achieving a satisfactory restructuring or repayment of the senior debt.