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Atna Resources Plan Filed

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Atna Resources filed with the U.S. Bankruptcy Court an Amended Chapter 11 Plan of Liquidation and related Disclosure Statement.

According to the Disclosure Statement, “The Debtors have sold all of their assets and there are currently no other assets to be sold, except for the one percent (1%) Net Profit Interest with a five year term with respect to the Columbia project, granted to Debtor CR Montana Corporation by Waterton in connection with the Waterton Asset Purchase Agreement….Pursuant to the Committee Settlement Agreement, Waterton agreed not to assert a lien on, among other assets, the proceeds from the sale of De Minimis Assets held by the Debtors, after the date of the Committee Settlement Agreement, in an aggregate amount not to exceed $200,000. The Debtors agreed to hold such proceeds in trust for the benefit of unsecured creditors. The total amount of such De Minimis Assets sale proceeds is $177,475.11.”

The Disclosure Statement continues, “The Liquidating Trustee shall be compensated as agreed to by the Committee and the Liquidating Trustee and such agreement will be documented and executed by the Committee and the Liquidating Trustee. The current proposed compensation agreement with the Liquidating Trustee is the following: (i) five percent (5%) of the first $1,000,000 of net funds distributed to holders of Allowed Unsecured Claims, (ii) four percent (4%) of net funds over $1,000,000 distributed to holders of Allowed Unsecured Claims, and (iii) reimbursement of all reasonable out-of-pocket expenses.”

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