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LINN Energy Plan Filed

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LINN Energy and its Debtor affiliates other than Linn Acquisition Company and Berry Petroleum Company filed with the U.S. Bankruptcy Court an Amended Joint Chapter 11 Plan of Reorganization and related Disclosure Statement.

According to the Disclosure Statement, “Pursuant to the Plan, which incorporates the terms of the Committee Settlement, Holders of Allowed LINN General Unsecured Claims who do not elect to reduce their Allowed LINN General Unsecured Claim to $2,500 in order to participate in the LINN Convenience Claims Cash Distribution Pool (as defined below) will receive a Pro Rata share of $37,700,000 in Cash (the ‘LINN GUC Cash Distribution Pool’). Holders of Allowed LINN Convenience Class Claims and Holders of Allowed LINN General Unsecured Claims who elect to reduce their LINN General Unsecured Claims to $2,500, in turn, will be entitled to receive a full recovery from a $2,300,000 cash pool.”

In addition, “For the avoidance of doubt, the total cost of the claims reconciliation process of Disputed LINN General Unsecured Claims, including the LINN GUC Cash Distribution Pool, the LINN Convenience Claims Cash Distribution Pool, the LINN Creditor Representative’s compensation and expense reimbursement, and Reorganized LINN’s claims reconciliation expenses shall not exceed $40 million in the aggregate.”

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