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Azure Midstream Partners Bankruptcy Plan Amended & Confirmed

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Azure Midstream Partners filed with the U.S. Bankruptcy Court a Fifth Amended Plan of Liquidation, which notes, “The Debtors estimate that on the Effective Date approximately $821,000 in General Unsecured Claims will remain outstanding. On the Effective Date, except to the extent that a holder of an Allowed General Unsecured Claim agrees to less favorable treatment of such Allowed General Unsecured Claim or has been paid before the Effective Date, each holder of an Allowed General Unsecured Claim, shall receive its pro rata share of the General Unsecured Creditor Distribution in Cash equal to the full value of such Allowed General Unsecured Claim, payable on the later of the Effective Date and the date on which such General Unsecured Claim becomes an Allowed General Unsecured Claim.”

In addition, “On the Effective Date: (a) all of the Debtor Affiliates shall be merged into Azure without the necessity for any other or further actions to be taken by or on behalf of such merged Debtor or its shareholders or any payments to be made in connection therewith, other than the filing of a certificate of merger with the appropriate governmental authorities; (b) all Claims filed or scheduled in the Debtor Affiliates’ cases shall be deemed to have been filed in the Azure Case; (c) Azure may change its name to Azure Midstream Liquidating, LP and the Azure Case may be renamed accordingly; and (d) the Chapter 11 Cases of the Debtor Affiliates shall be closed.”

The Court subsequently confirmed the Company’s Fifth Amended Plan of Liquidation. This natural gas gathering company filed for Chapter 11 protection on January 30, 2017, listing $567 million in pre-petition assets.