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Rooster Energy Bankruptcy Plan Filed

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Rooster Energy filed with the U.S. Bankruptcy Court a Joint Plan of Reorganization and related Disclosure Statement of Cochon Properties and Morrison Well Services (MWS).

According to the Disclosure Statement, “The Disclosure Statement will not be construed to be advice on the tax, securities, financial, business, or other legal effects of the Plan as to Holders of Claims against, or Equity Interests in, Cochon and MWS after the Effective Date (and each of their successors) (‘Reorganized Cochon’ and ‘Reorganized MWS’), or any other person.”

The Disclosure Statement continues, “The Plan sets forth the material terms and conditions of the restructuring. The Plan substantially deleverages Cochon’s and MWS’s balance sheets by converting the Note Claims into 100% of the equity in Reorganized Cochon and Reorganized MWS. The key components of the Plan are as follows: On the Effective Date, the Note Claims will be deemed Allowed Claims in an amount not less than $54,943,000 comprised of an amount of not less than $53,138,000 in principal under the Notes and the Note Purchase Agreement as of the Petition Date, plus accrued and unpaid interest, fees, costs, and expenses in an amount of not less than $1,805,000 accrued under the Notes and the Note Purchase Agreement as of the Petition Date.”

In addition, “On the Effective Date, except to the extent a Holder of an Allowed Cochon Unsecured Trade Claim agrees in writing to less favorable treatment, in full and final satisfaction, settlement, and release of, and in exchange for each Allowed Cochon Unsecured Trade Claim, each Holder of an Allowed Cochon Unsecured Trade Claim will receive a Cash payment in the full Allowed amount of such Claim; provided, however, that if the Allowed aggregate amount of Cochon Unsecured Trade Claims exceeds $1,040,000, then such Holders will share Pro Rata in $1,040,000. On the Effective Date, except to the extent a Holder of an Allowed MWS Unsecured Trade Claim agrees in writing to less favorable treatment, in full and final satisfaction, settlement, and release of, and in exchange for each Allowed MWS Unsecured Trade Claim, each Holder of an Allowed MWS Unsecured Trade Claim will receive a Cash payment in the full Allowed amount of such Claim; provided, however, that if the Allowed aggregate amount of MWS Unsecured Trade Claims exceeds $992,000, then such Holders will share Pro Rata in $992,000.”

Read more Rooster Energy bankruptcy news.

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