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American Natural Energy Agreement Filed

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American Natural Energy (ANEC) filed with the U.S. Bankruptcy Court a liquidating trust agreement among ANEC’s representative Michael K. Paulk and Patrick J. Gros (as trustee of the liquidating trust executed in connection with the Company’s Fourth Amended Joint Chapter 11 Plan).

The Plan provides for the establishment of the ANEC liquidating trust evidenced in order to pursue and prosecute any potential actions including all causes of action, avoidance claims and other causes of action identified in the Debtor’s Disclosure Statement for enforcement by the trustee, as successor to and representative of the Debtor’s estate, and to hold that portion of the new common stock of the reorganized Debtor attributable to Class 4 General Unsecured Claims.

According to documents filed with the Court, “Pursuant to the Plan, the Debtor and the Trustee hereby establish, on behalf of the Beneficiaries, the Trust, and the Debtor hereby transfers, assigns, and delivers to the Trust the following (collectively, the ‘Liquidating Trust Assets’): All assets transferred to the Trust under the Plan, including, but not limited to, (i) the initial funding of $25,000 for the Trust pursuant to the Plan; (ii) 11.35% of New Common Stock (‘New Common Stock’) when issued by the Reorganized Debtor for the benefit of the Beneficiaries, and (iii) the Causes of Action.”

Court-filed documents continue, “The Trust shall be established for the purpose of liquidating the Liquidating Trust Assets, in accordance with Treasury Regulation Section 301.7701-4(d), with no objective to continue or liquidate and convert to Cash, or otherwise distribute to the Beneficiaries, the Liquidating Trust Assets, make timely distributions and not unreasonably prolong the duration of the Trust. The New Common Stock will be distributed, pro rata, to the Beneficiaries when any objections to Claims of the Beneficiaries have been resolved by entry of Final Orders by the Bankruptcy Court.”

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