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Azure Bankruptcy Liquidation Plan Summarized

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BankruptcyData’s detailed analysis and summary of Azure Midstream Partners’ Fifth Amended Joint Plan of Liquidation, dated May 19, 2017, is now available. The U.S. Bankruptcy Court confirmed the Plan on January 10, 2017; however, the Plan is not expected to become effective until June 2, 2017.

BankruptcyData notes, “The purpose of the Plan is to effectuate the completion of a sale of the Assets and the orderly wind down of the Debtors’ affairs through the distribution of: the proceeds from the Sale Transaction and other assets of the Debtors’ estates for the benefit of holders of Allowed Claims pursuant to the Plan and the Bankruptcy Code’s priority distribution requirements. Under the Plan, Debtor Azure Midstream Partners, LP will serve as Plan Administrator to, among other things, resolve Disputed Claims, investigate and pursue any Claims and Causes of Action not otherwise released under the Plan (if appropriate), make distributions to holders of Allowed Claims, and close the Chapter 11 Cases.”

BankruptcyData’s Plan Summary continues, “The Liquidation Analysis estimates that there will be approximately $177.9 million in Class 3 Claims on the Liquidation Date. The Liquidation Analysis projects that the Liquidation Proceeds will cause the Class 3 Claims to receive a recovery of between 97.5% and 98.2% on the Liquidation Date. The Liquidation Analysis estimates that there will be approximately $3.9 to $5.2 million in General Unsecured Claims, which includes the secured deficiency in Class 3 Claims, lease rejection claims, employee severance claims, and other general unsecured claims on the Liquidation Date. The Liquidation Analysis projects that the Liquidation Proceeds will cause the General Unsecured Claims to receive no recovery on the Liquidation Date.”

BankruptcyData subscribers receive access to the full summary, which provides further details on corporate background, events leading to Azure Midstream Partners’ January 30, 2017 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.

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