Emerald Oil’s Amended Joint Plan of Liquidation (as Modified), became effective and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on March 24, 2017.
BankruptcyData’s Plan Summary notes, “The Plan proposes to fund creditor recoveries from the proceeds of a Sale Transaction Agreement in which the Debtors sold substantially all of the assets of the Estates. Under the terms of the Agreement, substantially all of the Company’s assets would be sold for approximately $73.0 million, subject to certain adjustments in accordance with the terms and conditions of the asset purchase agreement.”
In addition, “The Liquidation Analysis for the Debtor estimates the Estimated Proceeds Available for Distribution to be $3.64 million. The recovery rate to the Credit Facility Claims and the General Unsecured Claims is estimated to be zero.” The company, now majority owned by Crestline Investors and Fir Tree Partners, will operate under the new name “National Oil Production Company.” This oil and gas production sites operator filed for Chapter 11 protection on March 22, 2016, listing $690 million in pre-petition assets.
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