Rooster Energy filed with the U.S. Bankruptcy Court a Chapter 11 Plan of Reorganization and related Disclosure Statement.
According to the Disclosure Statement, “The Rooster Plan establishes a comprehensive classification of Claims and Equity Interests. Except for those Claims addressed in Articles 2 and 3 of the Rooster Plan….If the Rooster Restructuring Closing Date occurs, except to the extent that the applicable Rooster Debtor or the Disbursing Agent and the holder of an Other Priority Claim agree, in writing, with to less favorable treatment, in full and final satisfaction of, and in exchange for, its Other Priority Claim, each holder of such Claim will receive one of the following: (i) payment in Cash in an amount equal to the Allowed amount of such Other Priority Claim as soon as practicable after the later of (A) the Rooster Plan Effective Date, and (B) 15 days after the date when such Claim becomes an Allowed Other Priority Claim; or (ii) such other treatment that will render such Claim Unimpaired.”
In addition, “If the Rooster Restructuring Closing Date occurs, the Aspen Bonds will be Reinstated as of the Rooster Plan Effective Date.(ii) Alternatively, if the Section 363 Closing Date occurs, as of the Rooster Plan Effective Date, (A) the Section 363 Purchaser shall assume the Aspen Bonds, as the same may be modified by the USSIC Bonds New Agreements, and (B) the property that secures the Aspen Secured Claim shall be transferred, subject to the Lien that secures the Aspen Secured Claim, to the Section 363 Purchaser.”
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