The U.S. Bankruptcy Court approved Nuverra Environmental Solutions’ Disclosure Statement and concurrently confirmed its Amended Prepackaged Chapter 11 Plan of Reorganization.
According to documents filed with the Court, “Each Holder of Allowed 2018 Note Claims against the Nuverra Group Debtors shall receive, in full and final satisfaction of its Allowed 2018 Note Claims against the Nuverra Group Debtors, but subject to the charging lien of the 2018 Note Indenture Trustee, its Pro-Rata Share of (i) the Class A6 Reorganized Nuverra Common Stock and, (ii) the Class A6 Unsecured Claim Warrants and (iii) 2018 Noteholder Rights, subject to the terms of Section 4.14 hereof., and (iv) Cash in the amount of $350,000. On the Effective Date, all of the 2018 Notes shall be cancelled and discharged.”
In addition, “On the Effective Date, all of the Nuverra Group Rejection Damage and Other Debt Claims shall be cancelled and discharged Each Holder of Allowed Nuverra Group Rejection Damage and Other Debt Claims shall receive, in full and final satisfaction of its Allowed Nuverra Group Rejection Damage and Other Debt Claims, its Pro-Rata Share of (i) the Class A8 Reorganized Nuverra Common Stock and (ii) the Class A8 Unsecured Claim Warrants….On the Effective Date, all of the AWS Debtor Unsecured Debt Claims shall be cancelled and discharged Each Holder of Allowed AWS Debtor Unsecured Debt Claims, other than AWS 2018 Note Guaranty Claims, shall receive, in full and final satisfaction of its AWS Debtor Unsecured Debt Claims, its Pro-Rata Share of (i) the Class B6 Reorganized Nuverra Common Stock and (ii) the Class B6 Unsecured Claim Warrants.”
This oil and gas industry services’ provider filed for Chapter 11 protection on May 1, 2017, listing $343 million in pre-petition assets.
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