BankruptcyData’s detailed analysis and summary of Stone Energy’s Second Amended Joint Prepackaged Plan of Reorganization, dated December 28, 2016, is now available. The U.S. Bankruptcy Court confirmed the Plan on February 15, 2017; however, an effective date has not yet been issued.
BankruptcyData notes, “Prepetition Notes Claims will receive its respective pro rata share of the Prepetition Notes Cash, the New Secured Notes and New Common Stock; provided, that in the event the Bankruptcy Court enters an order prior to the Effective Date appointing any official committee of equity security holders pursuant to 11 U.S.C. § 1102, the New Common Stock distributed will be increased, for a 36% – 49% rate of recovery. General Unsecured Claims will be paid in full in cash, or otherwise receive such treatment as to render such Holder Unimpaired, for a 100% rate of recovery.”
BankruptcyData’s Plan Summary continues, “The Valuation Analysis estimates that the potential range of the GOM Value is approximately $350 million to $500 million. In addition, and solely for purposes of the Plan, the GOM Value implies a theoretical range of potential enterprise values of approximately $300 million to $450 million, when taking into account certain allocated general and administrative expenses excluded from the Valuation Analysis based on guidance from management.”
BankruptcyData subscribers receive access to the full summary, which provides further details on corporate background, events leading to Stone Energy’s December 14, 2016 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.
Read more energy bankruptcy news.