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Magnum Hunter Resources Modified Plan Confirmed

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The U.S. Bankruptcy Court confirmed Magnum Hunter Resources’ Modified Third Amended Joint Chapter 11 Plan of Reorganization.

As previously reported, “The Second Lien Claims shall be Allowed in the aggregate amount equal to $336,600,000 plus accrued and unpaid interest owing under the Second Lien Credit Agreement at the non-default rate set forth in the Second Lien Credit Agreement. The Note Claims shall be Allowed in the aggregate principal amount equal to $600 million plus accrued and unpaid prepetition interest, fees, expenses and indemnities owing under the Indenture at the non-default rate set forth in the Indenture….The DIP Facility Claims shall be deemed to be Allowed superpriority Administrative Claims in the full amount due and owing under the DIP Facility as of the Effective Date….The DIP Backstop Fee Claims shall be deemed to be Allowed superpriority Administrative Claims in the full amount of the DIP Backstop Fee as of the Effective Date.” This oil and gas exploration and production Company filed for Chapter 11 protection on December 15, 2015, listing $1.7 billion in prepetition assets.

Read more oil & gas bankruptcy news.

The post Magnum Hunter Resources Modified Plan Confirmed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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