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Cobalt International Energy Plan Filed

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Cobalt International Energy (OTC: CIEIQ) filed with the U.S. Bankruptcy Court a Chapter 11 Plan of Reorganization and related Disclosure Statement.

According to the disclosure statement, “Each holder of First Lien Notes Claims shall receive treatment rendering its Allowed First Lien Notes Claim Unimpaired under applicable provisions of the Bankruptcy Code of $500,000,000 in principal amount. Each holder of an Allowed Second Lien Notes Claim shall receive either (i) its Pro Rata share of the Second Lien Recovery or (ii) in the Debtors’ sole discretion, and solely in the event the Debtors’ have sufficient Cash (including proceeds of a Sale Transaction) to provide for such treatment, such other treatment rendering its Allowed Second Lien Notes Claim Unimpaired under applicable provisions of the Bankruptcy Code of $934,732,000 in principal amount.” The Court scheduled a plan confirmation hearing on March 30, 2018, with objections due by March 26, 2018. The disclosure statement hearing is scheduled for on February 22, 2018, with objections due by February 20, 2018.

Learn more about energy bankruptcies at BankruptcyData.

The post Cobalt International Energy Plan Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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