According to the U.S. Bankruptcy Court docket, the Court confirmed Energy & Exploration Partners’ Third Amended Joint Plan of Reorganization, which contains technical and confirmation modifications.
As previously reported “Class 4 consists of Convertible Notes Claims against ENXP Allowed in the amount of $375.0 million. In accordance with the inter-creditor settlement set forth in the RSA, each Holder of an Allowed Claim in Class 4, on or as soon as practicable after the Effective Date, shall receive, in full satisfaction, release, settlement, and discharge of such Claims, subject to dilution by the Management Incentive Plan, if any, its pro rata share of (i) warrants exercisable into 0.7% of the New Common Interests, which warrants shall be struck assuming a cashless exercise, at an equity value equal to $195.0 million less the aggregate principal amount of debt outstanding as of the Effective Date, and will be exercisable at any time from the Effective Date until the seven (7) year anniversary thereof (the ‘Noteholder Warrants’).
Court-filed documents continue, “Net proceeds from the Assigned Estate Claims shall be payable by the Creditor Trust as follows: (i) the first $1,000,000 will be paid to Reorganized ENXP LLC, (ii) then, pro rata to holders of Class A Interests, until such holders recover an aggregate of 15% of the Allowed amount of their claims from the Creditor Trust Assets, and (iii)thereafter, on a pro rata basis, to all holders of Class A Interests and Class B Interests. For the avoidance of doubt, any GUC Cash to be distributed to holders of General Unsecured Claims pursuant to the Creditor Trust Agreement shall only be distributed to the Holders of Class ‘A’ Interests.”
This unconventional oil and gas resources developer filed for Chapter 11 protection on December 7, 2015, listing $1.4 billion in pre-petition assets. Read more energy bankruptcy news.
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