Midland Southpoint Development Company filed with the U.S. Bankruptcy Court an objection to hhgregg's motion for interim and final orders (i) authorizing the Debtors to assume a consulting agreement, (ii) authorizing and approving the conduct of store closing sales free and clear of all liens, claims and encumbrances and (iii) granting related relief. The objection argues, "The Motion seeks, among other relief, an order approving procedures for the sale of the rights to enter into an Agency Agreement under which a liquidator would conduct GOB sales in the stores of Debtors, including the Midland Premises. It further seeks to establish sale procedure for GOB sales (the 'Sale Guidelines'). However, the Sale Guidelines fail to adequately protect the interest of Landlord and other tenants in the Midland Center."
Emerald Oil filed with the U.S. Bankruptcy Court an Amended Joint Plan of Liquidation [as Modified]. Documents filed with the Court explains, "Class 2 Claims shall be Allowed in the amount of $27,678,151….The Indenture Trustee shall have an Allowed General Unsecured Claim entitled to treatment as an Allowed Class 4 Claim in the amount of $149,919,000 for all of its Claims under the Convertible Notes and Convertible Notes Indenture, and all other Claims asserted by the Indenture Trustee shall be deemed disallowed." The Court subsequently confirmed the Plan, which notes, "Holders of Allowed Claims in Class 4 (General Unsecured Claims) that vote to accept the Plan (each, a Participating GUC Holder) will receive their Pro Rata share of the Cash held in the GUC Reserve, as set forth in Article VIII.F of the Plan, on account of such Claims. Holders in Class 4 that vote to reject the Plan or abstain from voting (each, a Non-Participating GUC Holder) will not receive any distribution on account of such Allowed Class 4 Claims….The Indenture Trustee shall have an Allowed General Unsecured Claim entitled to treatment as an Allowed Class 4 Claim in the amount of $149,919,000.00 for all of its Claims under the Convertible Notes and Convertible Notes Indenture, and all other Claims asserted by the Indenture Trustee shall be deemed disallowed." The confirmation order explains, "The court agrees with the debtors and the committee that what is necessary is that creditors in the same class have the same opportunity to receive equal treatment. It is acceptable to provide different recovery for creditors who settle than to creditors who don't. What is important is that all members of Class 4 had the same opportunity to participate and it is that opportunity that compels me to overrule the trustee's objection." This oil and gas explorer filed for Chapter 11 protection on March 22, 2016, listing $689 million in pre-petition assets.
The U.S. Bankruptcy Court approved Energy Future Holding's compromise and Energy Future Intermediate Holdings' (EFIH) settlement between the Debtors, certain holders of EFIH first and second lien note claims and certain holders of EFIH unsecured note claims. As previously reported, "For the EFIH first lien claims, the Debtors will pay 95% of the Makewhole Claims in respect of the EFIH first lien notes and the interest, at the contract rate, on the EFIH first lien makewhole claims accrued as of the date of repayment, 100% of the documented fees, expenses and indemnification claims, if any, incurred by the EFIH first lien notes trustee and supporting EFIH first lien creditors and 100% of any additional accrued and unpaid interest, again at the contract rate. For the second lien claims, the Debtors will pay (a) 87.5% of (i) the makewhole claims in respect of the EFIH second lien notes and the interest, at the contract rate, on the EFIH second lien makewhole claims accrued as of the date of repayment, pursuant to section 506(b) of the Bankruptcy Code, 100% of the documented fees, expenses, and indemnification claims, if any, incurred by the EFIH second lien notes trustee and supporting EFIH second lien creditors, (c) 100% of accrued and unpaid principal amount of the EFIH second lien notes and interest thereon accrued as of the date of repayment, and (d) 100% of any additional accrued and unpaid interest, again at the contract rate. Importantly, the EFIH settlement obviates the need to escrow billions of dollars pending resolution of the makewhole Litigation. In the absence of the EFIH Settlement, the Debtors were prepared to escrow $1.301 billion on account of the Makewhole Claims and asserted Claims for interest, fees and expenses."
Triangle USA Petroleum's Third Amended Joint Chapter 11 Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on March 10, 2017. BankruptcyData's Plan Summary notes, "The Plan provides for an equitable distribution of recoveries to the Debtors' creditors, preserves the value of the Debtors' business as a going concern, and preserves the jobs of employees. The Debtors believe that any alternative to confirmation of the Plan, such as liquidation or attempts by another party in interest to file a plan, could result in significant delays, litigation and costs, job loss, and/or lesser recoveries. The Plan provides for the Reorganized Debtors' future operations, which will be funded in part by a new senior secured, reserve-based Exit Facility, with an anticipated initial borrowing base of $250 million and a new-money Rights Offering, through which Eligible Holders of TUSA General Unsecured Claims may subscribe for the purchase of up to approximately $180 Million of Rights Offering Securities. Certain members of the Ad Hoc Noteholder Group have agreed to backstop $150 million of the Rights Offering." BankruptcyData's Plan Summary continues, "The Liquidation Analysis for Reorganized Triangle USA Petroleum estimates the Net Liquidation Proceeds Available for Distribution to be between $341.9 million and $405.6 million. The recovery rate to the Class 2 - Other Secured Claims is estimated to be 100%, the Class 3 - RBL Claims is estimated to be between 99% and 100%, and the Class 5 - TUSA General Unsecured Claims is estimated to be between 1% and 17%." This unconventional shale oil and natural gas resources' developer filed for Chapter 11 protection on June 29, 2016, listing $434 million in pre-petition assets.
The U.S. Bankruptcy Court issued an order approving, on an interim basis, P10 Industries' expedited motion for an order authorizing the assumption of restructuring support agreements with 210/P10 Investment and Langley Holdings. As previously reported, "In connection with the bankruptcy, the Company entered into a restructuring support agreement (the '210 RSA') with 210/P10 Investment ('210 Capital') as well as a restructuring support agreement with Langley Holdings (the acquirer of P10 Industries' former operations (the 'Langley RSA'). Subject to the terms and conditions of the Plan and the 210 RSA, 210 Capital will invest $4.654 million cash in P10 Industries in exchange for shares of the Company's common stock representing approximately 48% of the Company. In addition, 210 Capital will provide up to $10 million of financing to be used for acquisitions (subject to the terms and conditions of the plan and the 210 RSA) as P10 Industries implements its strategy of monetizing its intellectual property and seeking investments in companies that generate profit and positive cash flows, thus creating long-term stockholder value."