RAAM Global Energy Company’s Second Amended Joint Chapter 11 Plan of Liquidation became effective, and the Company emerged from Chapter 11 protection. The Court confirmed the Plan on January 19, 2016.
According to documents filed with the Court, “The Plan provides for the following recoveries: Holders of Class 2: First Lien Credit Agreement Claims will receive their pro rata share of, (a) if Highbridge (and/or its affiliates) is the purchaser, (1) the consideration provided in the purchase agreement, (2) the payment of amounts necessary to satisfy the allowed first lien credit agreement claims in cash from the liquidating trust assets (excluding any funds held in the sale escrow), if any, and (3) the payment of its share of litigation recoveries or (b) if Highbridge (and/or its affiliates) is not the purchaser, payment in full in cash from the sale proceeds. Holders of Class 3B: Senior Secured Notes Deficiency Claims shall receive their shall receive their pro rata share of payment in cash, if any, from the liquidating trust assets to be shared on a pro rata basis with holders of allowed ace claims, allowed general unsecured trade claims and allowed general unsecured non-trade claims not otherwise satisfied under the Plan. Holders of Class 6: General Unsecured Non-Trade Claims shall receive their pro rata share of (a) the general unsecured trade claims’ settlement distribution in cash from the sale escrow or sale proceeds and (b) any additional amounts, if any, recovered from the liquidating trust assets to be shared on a pro rata basis with holders of allowed senior secured notes deficiency claims. Ace claims and allowed ace claims and allowed general unsecured non-trade claims not otherwise satisfied under the Plan.”
This oil and gas services’ provider filed for Chapter 11 protection on October 26, 2015, listing $392 million in pre-petition assets. Read more energy bankruptcy news.