Midstates Petroleum has emerged from Chapter 11 bankruptcy protection, after satisfying all of the conditions precedent to the effectiveness of its plan of reorganization which was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on September 29, 2016.

With the completion of its restructuring, the company has eliminated approximately $2 billion of debt along with more than $185 million of annual interest expense. Midstates’ new capital structure consists of a $170 million first lien revolving credit facility maturing in 2020.

According to a related 8-K filing, SunTrust Bank served as administrative agent for members of the lender group that voted to accept the plan of reorganization.

The company exits its restructuring with approximately $75 million in total liquidity and a business plan that projects positive free cash flow at current strip pricing.

Jake Brace, president and chief executive officer, commented: “I would like to thank our lenders and noteholders, members of our former board of directors, and all the financial, legal and restructuring advisors who worked tirelessly throughout this process and contributed to its successful outcome. I would also like to thank our vendors, customers, and contractors for their continued loyalty and support. Finally, I would like to thank all of our employees for their patience, dedication, and focus during this process, without which we would not have the successful result we have today. We look forward to working closely with all of our key stakeholders going forward and we are excited about the opportunities that lie ahead.”

In connection with its emergence, Midstates also received approval for its common stock to be listed for trading on the NYSE MKT platform. The common stock will begin trading on October 24, 2016. The trading symbol for the common stock is “MPO,” which is the same trading symbol used for the company’s common stock when it previously was listed on the NYSE.