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Black Elk Energy Offshore Operations Bankruptcy Plan Effective

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Black Elk Energy Offshore Operations’ Third Amended Plan of Liquidation became effective, and the Company emerged from Chapter 11 protection. The Court confirmed the Plan on July 13, 2016.

According to documents filed with the Court, “The purpose of the Plan is to provide for the orderly wind-down of the Debtor’s operations, the liquidation of the Debtor’s assets, the satisfaction of the Debtor’s environmental liabilities, and the orderly distribution of the Debtor’s remaining assets to creditors. The Plan contemplates the creation of two trusts, the Litigation Trust and the Liquidation Trust, into which all of the Debtor’s assets will be transferred.”

Plan documents continue, “On the Effective Date, the Debtor will transfer the Litigation Trust Assets to the Litigation Trust, and transfer the Debtor’s remaining assets, defined in the Plan as the Liquidation Trust Assets, to the Liquidation Trust. In the event that the Debtor and Northstar reach an agreement on terms, and upon consent of various parties as set forth in Section VII(C) of the Plan, the Debtor will transfer the Northstar Assets to Northstar on or before the Effective Date, and in such event the Northstar Assets shall not become property of either the Litigation or Liquidation Trusts.”

This oil and natural gas interest holder filed for Chapter 11 protection on September 10, 2015, listing $566 million in pre-petition assets. Read more oil & gas bankruptcy news.

 

The post Black Elk Energy Offshore Operations Bankruptcy Plan Effective appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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