American Natural Energy filed with the U.S. Bankruptcy Court a Third Amended Joint Chapter 11 Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, “The Liquidating Trustee on behalf of the Trust shall be given authority to pursue and settle any Causes of Action without court approval, upon confirmation of this Joint Plan. The Trustee of the Liquidating Trust shall periodically make Pro Rata distributions to the class members until all Cause of Actions are fully administered.”
The Disclosure Statement continues, “The Liquidating Trustee shall file a notice with the Court upon successful completion of the administration of the Causes of Action. Additionally, the Liquidating Trustee shall serve as shareholder agent or representative for the Common Stock of the Reorganized Debtor. Among other things, the Liquidating Trustee shall be the holder of proxies necessary to effectuate any ‘drag-along’ stock transaction and will be the party designated to receive quarterly reports from ANEC, with sole standing to challenge such reports and, if necessary, request mediation or invoke binding arbitration on behalf of Class4. The Liquidating Trust will exist for five years, subject to the right to extend the term upon mutual agreement and in accordance with the Liquidating Trust Agreement….The Liquidating Trust shall be a trust created for the primary purposes of serving as shareholder agent with respect to the Class 4 Claimants’ 11.35% combined interest in Common Stock in the Reorganized Debtor and, receiving via assignment the Causes of Actions. The Liquidating Trust shall initially be funded with $25,000 cash. The Liquidating Trust shall be overseen by the Liquidating Trustee, who, for purposes of the Joint Plan, shall be Patrick Gros.”
Read more energy bankruptcy news.