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Triangle USA Petroleum Bankruptcy Plan Confirmed

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The U.S. Bankruptcy Court issued an order confirming Triangle USA Petroleum’s Third Amended Joint Chapter 11 Plan of Reorganization.

As previously reported, “On or about the Effective Date, New TUSA HoldCo (or other applicable Reorganized Debtor, as set forth in the Restructuring Transactions Memorandum) shall authorize and issue the New TUSA HoldCo Common Stock in accordance with the New TUSA HoldCo Common Stock Allocation. Distribution of New TUSA HoldCo Common Stock hereunder shall constitute the issuance of 100% of the New TUSA HoldCo Common Stock, and such stock shall be deemed issued on the Effective Date (or such earlier date as may be specified in the Restructuring Transactions Memorandum). The issuance of New TUSA HoldCo Common Stock by New TUSA HoldCo, options for the purchase thereof, or other equity awards, if any, providing for the issuance of New TUSA HoldCo Common Stock, is authorized without the need for any further corporate action or further action by the Debtors or the Reorganized Debtors, as applicable.”

In addition, “The New TUSA HoldCo Common Stock issued under this Plan shall be issued in accordance with the New TUSA HoldCo Common Stock Allocation and subject to economic and legal dilution as set forth in the New TUSA HoldCo Common Stock Allocation and from any other shares, membership units, or functional equivalent thereof, as applicable, of New TUSA HoldCo Common Stock issued after the Effective Date.”

This shale oil and natural gas resources’ developer filed for Chapter 11 protection on June 29, 2016, listing $434 million in pre-petition assets.

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