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Stone Energy Equity Committee Appointment Denied

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The U.S. Bankruptcy Court issued an agreed order resolving Stone Energy’s ad hoc committee of shareholders’ motion to appoint an official committee of equity security holders. The Court issued a stipulation resolving the motion.

According to the stipulation, “Holders of Prepetition Notes Claims shall receive their respective Pro Rata share of (i) the Prepetition Notes Cash, (ii) the New Secured Notes and (iii) the number of shares of New Common Stock constituting ninety-five percent (955) of the shares of New Common stock to be issued and outstanding pursuant to the Plan on the Effective Date, prior to dilution for the Management Equity Incentive Program and the New Warrants; provided, that in the event the Bankruptcy Court enters an order prior to the Effective Date appointing any official committee of equity security holders.”

In addition, “The New Common Stock distributed…shall be increased to ninety-six percent (96%) of the shares of New Common Stock…Holder of Old Common Stock…shall receive its Pro Rata share of the number of shares of the New Common Stock constituting five percent (55) of the shares of New Common Stock to be issued and outstanding pursuant to the Plan on the Effective Date…provided that in the event the Bankruptcy Court enters an order prior to the Effective Date appointing any official committee of equity security holders….The New Common Stock distributed…shall be reduced to four percent (4%) of the shares of new Common Stock….The Ad Hoc Equity Group will support confirmation of the Plan as amended.”

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The post Stone Energy Equity Committee Appointment Denied appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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