EV Energy Partners filed with the U.S. Bankruptcy Court a Chapter 11 Plan of Reorganization and related Disclosure Statement.
According to the Disclosure Statement, “…[H]olders of Allowed Senior Notes Claims shall receive their Pro Rata share of 95 percent of the New Common Stock (subject to dilution by the MIP Shares and New Common Stock issued pursuant to the New Warrants); holders of Allowed General Unsecured Claims shall remain Unimpaired and paid in the ordinary course of business; all Existing EVEP Equity Interests will be cancelled, released, and extinguished and will be of no further force or effect, and holders of Existing EVEP Equity Interests will not receive any distribution on account of such Interests. Notwithstanding the foregoing, on the Effective Date, holders of Existing EVEP Equity Interests shall receive their Pro Rata share of: (i) five percent of the New Common Stock (subject to dilution by the MIP Shares and New Common Stock issued pursuant to the New Warrants); and (ii) the New Warrants; Intercompany Claims and Intercompany Interests shall be Reinstated as of the Effective Date or, at the Debtors’…or the Reorganized Debtors’ option, be cancelled, and no distribution shall be made on account of such Claims; Section 510(b) Claims shall be cancelled without any distribution and holders of Section 501(b) Claims shall receive no recovery; and holders of Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Other Secured Claims, Allowed Other Priority Claims, and Allowed Professional Claims will be (1) paid in full in Cash, (2) Reinstated, or (3) otherwise rendered Unimpaired, as applicable.”
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