The U.S. Bankruptcy Court issued an order approving Halcon Resources’ Disclosure Statement and concurrently confirming the Amended Joint Prepackaged Plan of Reorganization.
As previously reported, “Convertible Noteholder New Warrants means warrants to purchase New Common Shares representing 1.0% of the total issued and outstanding New Common Shares on the Effective Date (including New Common Shares issuable upon full exercise of the New Warrants but excluding any New Common Shares issued or reserved pursuant to the Management Incentive Plan), subject to dilution by the Management Incentive Plan, exercisable for a four (4) year period commencing on the Effective Date at a per share exercise price of $14.04, which amount is equal to $1,330,000,000 divided by the total number of issued and outstanding New Common Shares on the Effective Date.”
Court-filed documents continue, “Second Lien Notes means, collectively, (a) the 8.625% Senior Secured Notes due 2020 issued pursuant to the 8.625% Second Lien Note Indenture in the aggregate principal outstanding amount of $700,000,000, and (b) the 12.0% Senior Secured Notes due 2020 issued pursuant to the 12.0% Senior Secured Note Indenture in the aggregate principal outstanding amount of $112,800,000, plus all accrued prepetition interest, fees, and other expenses due under the Second Lien Notes.”
In addition, “Third Lien Noteholder Cash Distribution means Cash in the amount of $33,825,588 to be distributed, on a Pro Rata basis to the holders of Allowed Third Lien Note Claims. Third Lien Notes means the 13.0% Senior Secured Notes due 2022 issued pursuant to the Third Lien Note Indenture, in the aggregate outstanding principal amount of $1,017,970,000, plus all accrued prepetition interest, fees, and other expenses due under the Third Lien Notes.”
This onshore liquids-rich oil and natural gas producer and developer filed for Chapter 11 protection on July 27, 2016, listing $3.5 billion in pre-petition assets. Read more oil & gas bankruptcy news.
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