September 14, 2018 – Rex Energy filed with the Court an Amended Chapter 11 Plan of Liquidation and related Disclosure Statement [Docket No. 895]. The changes encompassed in the revised Disclosure Statement and the revised Plan reflect comments received from the Creditors’ Committee and the Ad Hoc Second Lien Group (each as defined in the Plan) subsequent to September 10, 2018. The notice attaches blacklined copies of each of the Plan and Disclosure Statement reflecting changes from the versions filed on September 10, 2018. Notable changes include those in respect of (i) Prepetition Second Lien Claims (Class 2), (ii) Release of Liens, (iii) the definition of “remaining funds” and, in the Disclosure Statement, the section entitled “RSA Settlement and the 9019 Motion.” The Court subsequently approved the Disclosure Statement [Docket No. 911] and scheduled an October 15, 2018 plan confirmation hearing. As previously reported in respect of claims, classes and voting rights:
- Class 1 (“Priority Claims”) are considered unimpaired and are deemed to accept/ not entitled to vote. The projected approximate amount of allowed claims/interests is $20-$25 million and projected Plan recovery is 100%.
- Class 2 (“Prepetition Second Lien Claims”) are considered impaired and are entitled to vote. The projected approximate amount of allowed claims/interests is $615-$620 million and projected Plan recovery is 26% -28%.
- Class 3 (“Other Secured Claims”) are considered unimpaired and are deemed to accept/not entitled to vote. The projected approximate amount of allowed claims/interests is $0-$500,000 and projected Plan recovery is 100%.
- Class 4 (“General Unsecured Claims”) are considered impaired and are deemed to reject/ not entitled to vote. The projected approximate amount of allowed claims/interests is $0 – $5 million5 and projected Plan recovery is 0%.
- Class 5 (“Intercompany Claims”) are considered impaired and are deemed to reject/ not entitled to vote. The projected approximate amount of allowed claims/interests is N/A and projected Plan recovery is N/A.
- Class 6 (“Section 510(b) Claims”) are considered impaired and are deemed to reject/not entitled to vote. The projected approximate amount of allowed claims/interests is $0 and projected Plan recovery is 0%.
- Class 7 (“Interests”) are considered impaired and are deemed to reject/ not entitled to vote. The projected approximate amount of allowed claims/interests is N/A and projected Plan recovery is N/A.
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