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Enduro Resource Partners Plan Filed

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Enduro Resource Partners filed with the U.S. Bankruptcy Court a Joint Chapter 11 Plan of Liquidation and related Disclosure Statement. According to the disclosure statement, “The Debtors are commencing this Solicitation after extensive discussions over the past several months with certain of their key creditor constituencies, including with certain creditors holding First Lien Claims and Second Lien Claims.

As a result of these negotiations, the Debtors entered into that certain Sale and Plan Support Agreement, dated as of May 15, 2018 (the ‘Initial SAPSA’), with certain lenders holding First Lien Claims (the ‘Consenting First Lien Lenders’) and the agent under their first lien credit facility (the ‘First Lien Agent’)….In addition to this asset sale process, the Plan contemplates that any assets remaining in the Debtors’ Estates as of the Effective Date will vest in a trust (the ‘Plan Administration Trust’) for liquidation for the benefit of Holders of Allowed Claims.  The Plan Administration Trust is to be managed by a Plan Administrator.  The Plan Administrator will be responsible for taking the necessary and appropriate actions to administer the remaining assets of the Debtors’ estates, and to proceed with an orderly, expeditious, and efficient wind-down and distribution of the remaining assets of the Debtors in accordance with the terms of the Plan.

The Debtors believe that the distributions under the Plan will provide all Holders of Claims against and Interests in the Debtors at least the same recovery on account of Allowed Claims as would a liquidation of the Debtors’ assets conducted under chapter 7 of the Bankruptcy Code….This Liquidation Analysis assumes that the Debtors’ chapter 11 cases would be converted to chapter 7 cases approximately at the time of the Debtors’ projected hearing on confirmation of the Plan, on or around July 30, 2018. The chapter 7 liquidation would run approximately 8 months in total, following the appointment of a trustee….A 60-day remarketing period is assumed to be sufficient given the comprehensive sales process undertaken prepetition.

The Liquidation Analysis projects the sale of oil and gas properties to close as of September 30, 2018. Following these asset sales, the Trustee would retain a limited corporate staff, also at an increase to current wages, sufficient to transition the oil and gas properties to buyers, monetize any remaining assets in an orderly manner and wind-down the estate by March 31, 2019, or approximately 8 months after initiating chapter 7 proceedings.” The Court scheduled a June 20, 2018 hearing to consider the disclosure statement with objections due by June 15, 2018. The Court scheduled a June 11, 2018 hearing to consider the plan with objections due by June 4, 2018.

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