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Sable Natural Resources Bankruptcy Plan Filed

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Sable Natural Resources filed with the U.S. Bankruptcy Court an Amended Plan of Reorganization and Disclosure Statement.

According to the Disclosure Statement, “The plan will utilize operating cash flow of SOC to pay administrative expenses and liquidate both companies….The non-operating properties in SOC are encumbered by a lien to Cory and Jennifer Hall in the amount of $700,000. In a Chapter 7 liquidation, a trustee would have very few assets to sell and use to repay creditors – shares in a wholly owned subsidiary with no value, a vehicle, and some office furniture.”

In addition, “After the payment of secured and priority debts, there would be no funds for unsecured creditors in a liquidation. Debtor is proposing to issue new stock to all of its creditors in exchange for debt, allowing its creditors to realize some return on their investment rather than receiving nothing.”

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