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American Standard Energy Plan Confirmed

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The U.S. Bankruptcy Court confirmed American Standard Energy’s Second Amended Joint Plan of Reorganization (with technical and agreed modifications).

As previously reported, “The Prepetition Lender Secured Claims shall be deemed Allowed Claims in the total amount of $32,000,000, as of the Effective Date….Except to the extent that a holder of an Allowed Unsecured Claim agrees to less favorable treatment, the holder of an Allowed Unsecured Claim shall receive, in full and final satisfaction of its Allowed Unsecured Claim(s), its pro rata share of a $250,000 distribution from the Reorganized Debtor on the one hundred and eightieth day after confirmation.”

This oil and natural gas reserves’ developer filed for Chapter 11 protection on August 3, 2015, listing $130 million in pre-petition assets. Read more bankruptcy news.