Rooster Energy filed with the U.S. Bankruptcy Court a Joint Amended Chapter 11 Plan of Reorganization.
Documents filed with the Court explain, “The Plan constitutes a separate chapter 11 plan of reorganization for each Debtor and the classification set forth in Classes 1 through 7 shall be deemed to apply to each Debtor. For all purposes under the Plan, each Class will contain sub-Classes for each of the Debtors (i.e., there will be 7 sub-Classes for each Debtor); provided that any Class or sub-Class that is vacant will be treated in accordance with Section 3.06….On the Effective Date, the Note Claims shall 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, “If a Holder of a Bonding Claim votes to accept the Plan, such Holder’s Cochon Bonds shall remain in effect in accordance with Section 4.17 of this Plan, the premiums on such Cochon Bonds shall be paid in the ordinary course of business, and such Holder shall receive its Pro Rata share of a Cash payment of $25,000 in full and final satisfaction of its Bonding Claims.”
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