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Samson Resources Bankruptcy Plan Confirmed

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The U.S. Bankruptcy Court confirmed Samson Resources’ Global Settlement Joint Chapter 11 Plan of Reorganization.

As previously reported, “In particular, the Plan provides for unsecured creditors to receive the proceeds of certain causes of action and $168,500,000 in cash (which will increase to $180,000,000 in certain circumstances) to be funded from the proceeds of sales of Unencumbered Assets, new money from the Second Lien Lenders to be raised through a fully-backstopped rights offering for New Common Stock, and (if necessary) a letter of credit. In addition, the Plan provides for the Settlement Trust to receive the Contingent Value Right, which is the right to receive the first Net Sale Proceeds in excess of $350,000,000, up to $11,500,000, if (a) on or before June 30, 2017, an agreement is reached to sell directly or indirectly all or substantially all of the Reorganized Debtors’ assets, (b) such agreement is consummated, and (c) such agreement produces Net Sale Proceeds to the Reorganized Debtors in excess of $350,000,000.”

Andrew Kidd, president, C.E.O. and general counsel of Samson Resources, comments, “Our emergence from Chapter 11 will allow us to move past a challenging period for Samson and others in this industry and once again devote our full attention to running our business as our industry continues its recovery.” This oil and gas company filed for Chapter 11 protection on September 16, 2015, listing $5.6 billion in assets.

Read more energy bankruptcy news.

The post Samson Resources Bankruptcy Plan Confirmed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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