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Samson Resources Plan Filed

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Samson Resources’ official committee of unsecured creditors filed with the U.S. Bankruptcy Court a Joint Chapter 11 Plan.

According to documents filed with the Court, “On the Effective Date, all Equity Interests in Parent shall be cancelled and, unless otherwise provided in the New Constituent Documents, one new share of Parent’s common stock shall be issued to a custodian to be designated by the Plan Administrator, who would hold such share for the benefit of the holders of such former Equity Interests in Parent consistent with their former economic entitlements. In addition, if the holders of Equity Interests in Parent as a Class vote to accept the Plan and do not vote to accept the Debtors’ Plan, on the Effective Date, the holders of Equity Interests in Parent shall receive the Parent Equity Consensual Treatment.”

The Plan continues, “As provided in the New Constituent Documents, after the Effective Date, pursuant to the Plan, the Plan Administrator shall wind down, sell, and otherwise liquidate the Debtors’ assets, including the Non-Cash Assets and the Unencumbered Assets, and/or the Non-Debtor Subsidiaries in accordance with Section 6.2(a)(iii) hereof, and such wind down, sale, and liquidation (as determined for federal income tax purposes) shall occur over a period of three (3) years after the Effective Date…provided, that the wind down, sale, or other liquidation may extend over a longer period of time if the Debtors receive a private letter ruling or other equivalent guidance from the IRS from which the Plan Administrator reasonably concludes that the continued wind down, sale, or other liquidation should not result in a reduction or limitation of the Debtors’ tax attributes for federal income tax purposes that materially impairs the expected actual use of such tax attributes.”

In addition, “Holders of First Lien Secured Claims to receive total payments in Cash of, $915,000,000….On the Effective Date, each holder of an Allowed First Lien Secured Claim shall receive a Cash payment in an amount equal to its Pro Rata Share of $715,000,000, reduced by all payments… On the Effective Date, or as soon thereafter as is reasonably practicable, each holder of an Allowed First Lien Secured Claim shall receive a Cash payment in an amount equal to its Pro Rata Share of $75,000,000 of the next $100,000,000 of Asset Sale Proceeds from the First Lien Collateral, other than the Bidding Procedures Assets, with the remaining $25,000,000 of such Asset Sale Proceeds to be retained by the Plan Administrator and made available for distribution to holders of Allowed General Unsecured Claims; On the Effective Date, or as soon thereafter as is reasonably practicable, each holder of an Allowed First Lien Secured Claim shall receive a Cash payment in an amount equal to its Pro Rata Share of $50,000,000 of the remaining $100,000,000 of Asset Sale Proceeds from the First Lien Collateral, other than the Bidding Procedures Assets, with the remaining $50,000,000 of such Asset Sale Proceeds to be retained by the Plan Administrator and made available for distribution to holders of Allowed General Unsecured Claims.”

Read more oil & gas bankruptcy news.

The post Samson Resources Plan Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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