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Emerald Oil Bankruptcy Liquidation Plan Summarized

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BankruptcyData’s detailed analysis and summary of Emerald Oil’s Amended Joint Plan of Liquidation (as Modified), dated March 24, 2017, is now available.

The U.S. Bankruptcy Court confirmed the Plan on March 24, 2017; however, an effective date has not yet been issued. BankruptcyData notes, “The Plan proposes to fund creditor recoveries from the proceeds of a Sale Transaction Agreement in which the Debtors sold substantially all of the assets of the Estates. Under the terms of the Agreement, substantially all of the Company’s assets would be sold for approximately $73.0 million, subject to certain adjustments in accordance with the terms and conditions of the asset purchase agreement.”

BankruptcyData’s Plan Summary continues, “The Liquidation Analysis for the Debtor estimates the Estimated Proceeds Available for Distribution to be $3.64 million. The recovery rate to the Credit Facility Claims and the General Unsecured Claims is estimated to be zero.” BankruptcyData subscribers receive access to the full summary, which provides further details on corporate background, events leading to Emerald Oil’s March 22, 2016 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.

Read more oil & gas bankruptcy news.

The post Emerald Oil Bankruptcy Liquidation Plan Summarized appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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