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Saratoga Resources Bankruptcy Plan Confirmed

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The U.S. Bankruptcy Court confirmed Saratoga Resources’ Chapter 11 Plan of Reorganization. According to documents filed with the Court, “If Classes 1 (First Lien Lenders), 3 (Convenience Claims) and 4 (General Unsecured Claims) vote to accept the Plan, then as part of a settlement of, among other things, the amount of its superpriority Claims against the estates, ERG II will subordinate the payment of its ERG II Superpriority Claim to the payment of up to $2 million of unsecured pre-petition trade debt from net proceeds of the Litigation Trust.”

Court-filed documents continue, “If Classes 1, 3 and/or 4 do not vote to accept the Plan, then ERG II will not subordinate the recovery of the ERG II Superpriority Claim to the payment of the unsecured pre-petition trade debt; Provide that certain assets – the Excluded Assets – of the Debtors which are not transferred to the Litigation Trust will be retained by the Reorganized Debtors; Provide that if Classes 1, 3 (Convenience Claims) and 4 (General Unsecured Claims) vote to accept the Plan, then the existing stockholders of Saratoga will retain their equity interests in Reorganized Saratoga. If Classes 1, 3 (Convenience Claims) and/or 4 (General Unsecured Claims) do not vote to accept the Plan, then the Existing Equity Interests in Saratoga will be cancelled and New Equity Interests in Reorganized Saratoga will be issued to the Litigation Trust, LLC; Provide for the cancellation of the liens securing the First Lien Claims and Second Lien Claims and any other Secured Claims (to the extent not already cancelled at the time of the Sale to ERG II).”

This oil and gas explorer and producer filed for Chapter 11 protection on June 18, 2015, listing $112 million in pre-petition assets. Read more oil & gas bankruptcy news.

The post Saratoga Resources Bankruptcy Plan Confirmed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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