According to the U.S. Bankruptcy Court docket, Miller Energy Resources’ Joint Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection.
The Court confirmed the Plan on January 28, 2016. According to documents filed with the SEC, “Under the Plan, 10,000,000 shares of the Company’s common stock, par value $0.0001 per share (‘New Common Stock’), will be issued to the secured lenders based on their percentage holdings of the Credit Agreement Claims. Pursuant to the Plan, each secured lender will receive, in exchange for its secured claim, its pro rata share of (1) New Notes and (2) one hundred percent of the New Common Stock. As a result, Apollo Investment Corporation and certain investment funds and accounts managed by Highbridge Principal Strategies, LLC will hold all of the voting stock of the Compan.”
Court-filed documents continue, “Based on projections furnished to the Court in December 2015, the Company’s consolidated total assets were projected to be approximately $142.3 million and consolidated total liabilities were projected to be approximately $87.1 million as of the confirmation date.” This independent exploration and production company filed for Chapter 11 protection on October 1, 2015, listing $767 million in pre-petition assets.
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