Core Resource Management filed with the U.S. Bankruptcy Court a Chapter 11 Plan of Reorganization and related Disclosure Statement.
The Disclosure Statement asserts, “Administrative and other Priority Claimants will be paid on the Effective Date of the Plan unless all or any of them agree to an alternate payment plan and are therefore not impaired under the Plan….Non Priority Unsecured creditors will receive the full amount of their allowed claims over 94 months with payments commencing on the 1st day of the month after the Effective Date except for Debenture Holders who will receive the allowed amount of their claims without interest in 120 equal monthly payments commencing on the first day of the month after the Effective Date of the Plan.”
The Disclosure Statement continues, “The Debtor is currently generating cash flow through the sale of oil as more specifically set forth under the Operations section in the Disclosure Statement. Debtor projects that sales will increase the output over the next few months which will increase the Reorganized Debtor’s cash flow from oil production to approximately $1,200,000 annually.”
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