Aztec Oil & Gas Creditors Franklin Fisher, Jr. and Livingston Growth Fund Trust filed with the U.S. Bankruptcy Court a Chapter 11 Plan of Reorganization and related Disclosure Statement.
According to the Disclosure Statement, “The Plan Proponents have proposed their Plan consistent with the provisions of the Bankruptcy Code. The Plan proposed by Mr. Fisher and the Livingston Growth Fund Trust (‘Creditor Plan’) provides that all remaining assets of the Debtors will be transferred to Aztec Oil & Gas, with all litigation claims transferred to a litigation trust for the benefit of all unsecured creditors. All entities shall be dissolved other than Aztec Oil & Gas, which will continue operations.”
The Disclosure Statement continues, “The Plan generally contemplates retaining the 2 real property working interests, replacing current management, including the board of directors, and pursuing litigation claims that will compensate the creditors for the actions of current management and their agents. The litigation claims will be reviewed and prosecuted by an independent third party trustee selected by the Plan Proponents, and approved by the Bankruptcy Court….The Debtor Aztec Oil & Gas will continue while all other subsidiaries, including the partnerships will be dissolved at confirmation.”
Read more energy bankruptcy news.