The U.S. Bankruptcy Court issued an order approving Montco Offshore’s Disclosure Statement and concurrently confirming the Company’s Amended Plan of Liquidation.
The confirmation order notes that the Company may make additional appropriate technical adjustments and modifications to the Plan prior to the effective date.
In addition, “On the Effective Date, (a) MOI (or the Reorganized Debtor) will contribute and transfer the MOI Contribution Assets to the Falcon JV (a subset of which will then be contributed and transferred to Falcon USA Sub of Falcon JV’s wholly owned subsidiary designee), and (b) the Plan Sponsor will contribute and transfer the Plan Sponsor Contribution Assets to the Falcon JV.”
This privately-held lift boat operator filed for Chapter 11 protection on March 17, 2018, listing $265 million in pre-petition assets.
Read more bankruptcy news.
The post Montco Offshore Bankruptcy Liquidation Plan Confirmed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.