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Venoco Bankruptcy Plan Effective

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Venoco’s First Amended Joint Plan of Reorganization (with technical and confirmation modifications) became effective, and the Company emerged from Chapter 11 protection. The Court confirmed the Plan on July 14, 2016.

According to documents filed with the Court, “Under the Plan, holders of Class D3 Senior PIK Toggle Notes Claims and Class V5 8.875% Senior Notes Claims as of the Distribution Record Date are entitled on account of their Class D3 Senior PIK Toggle Notes Claims and Class V5 8.875% Senior Notes Claims to distributions of certain Cash, New Common Stock, New Warrants and Unsecured LLA Override Shares. Pursuant to the Plan, the New Common Stock, New Warrants and Unsecured LLA Override Shares will only be distributed to holders of Class D3 Senior PIK Toggle Notes Claims and Class V5 8.875% Senior Notes Claims who timely submit the administrative questionnaire and tax form relating to the New Common Stock, New Warrants and Unsecured LLA Override Shares. In addition, the Reorganized Debtors require that the nominee brokerage firm or financial institution (the Nominee) for each holder of Class D3 Senior PIK Toggle Notes Claims and Class V5 8.875% Senior Notes Claims certify to the aggregate principal amount of such claims held by such holder as of the Distribution Record Date.”

This oil and gas acquirer, explorer and developer filed for Chapter 11 protection on March 18, 2016, listing $617 million in pre-petition assets. Read more Venoco bankruptcy news.

The post Venoco Bankruptcy Plan Effective appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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