Quicksilver Resources filed with the U.S. Bankruptcy Court a stipulation for a settlement by and between the Debtors, the ad hoc group of lienholders and the second lien agent, the official committee of unsecured creditors and Silver Point Capital.
According to documents filed with the Court, “The Parties have agreed to a resolution of Silver Point’s objections to the Plan which paves the way for a consensual Confirmation Hearing. Pursuant to the Stipulation, Silver Point agrees that it will not object to, delay, impede or take any other action to interfere with, confirmation of the Plan. In addition, Silver Point agrees that its vote to reject the Plan shall be deemed amended so as to constitute a vote in favor of the Plan. Further, the Parties agree that Silver Point shall have an Allowed Administrative Expense Claim equal to the amount of its documented professional fees incurred in connection with these chapter 11 cases, provided that in no event shall such Allowed Administrative Expense Claim exceed $200,000. Finally, the terms of the Stipulation require approval by the Court prior to the commencement of the Confirmation Hearing.”
The motion continues, “The Stipulation represents a comprehensive resolution of the various outstanding disputes related to confirmation of the Plan between the Parties. It will avoid burdensome and costly litigation in connection with Plan confirmation that could delay the Debtors’ ability to consummate the Plan and for parties in interest to realize the benefits of the Plan. Approval of the Stipulation will allow the Debtors to conclude these chapter 11 cases efficiently and expeditiously.”
The Court scheduled an August 15, 2016 hearing to consider the motion, with objections due by August 12, 2016. Read more bankruptcy news.
The post Quicksilver Resources Compromise Approval Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.