The U.S. Bankruptcy Court issued an order approving Emerald Oil’s Disclosure Statement and scheduled a March 22,2 017 hearing to consider the Modified Joint Plan of Liquidation.
As previously reported, “Pursuant to the Plan, the Debtors, Post-Effective Date Debtor, or Plan Administrator shall pay or provide for payments of Claims as follows: as provided in Article VILC.7 herein, the Plan Administrator shall establish the Priority Claims Reserve, which Priority Claims Reserve shall be used to pay Allowed Priority Claims in full; as provided in Article VII.A.3 herein, the Debtors or the Post-Effective Date Debtor shall fund the Professional Fee Escrow, which Professional Fee Escrow shall be used to pay Allowed Professional Fee Claims; as provided in Article VII.C.7 herein, the Plan Administrator shall establish the Other Secured Claims Reserve, which Other Secured Claims Reserve shall be used to pay Allowed Other Secured Claims; and as provided in Article VII.C.7.”
Court-filed documents further note, “Herein, the Plan Administrator shall establish the GUC Reserve, which GUC Reserve shall be used to pay Allowed General Unsecured Claims of Participating GUC Holders. Holders of Allowed Claims in Class 4 (General Unsecured Claims) that vote to accept the Plan (each, a Participating GUC Holder) will receive their Pro Rata share of the Cash held in the GUC Reserve, as set forth in Article VIII.F of the Plan, on account of such Claims Holders in Class 4 that vote to reject the Plan or abstain from voting (each, non-Participating GUC Holder) will not receive any distribution on account of such Allowed Class 4 Claims….Class 2 Claims shall be Allowed in the amount of $27,678,151.00.:
In addition, “The Indenture Trustee shall have an Allowed General Unsecured Claim entitled to treatment as an Allowed Class 4 Claim in the amount of $149,919,000.00 for all of its Claims under the Convertible Notes and Convertible Notes Indenture, and all other Claims asserted by the Indenture Trustee shall be deemed disallowed.”
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