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Bonanza Creek Energy Settlement Reached

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According to documents filed with the SEC, Bonanza Creek Energy has reached an agreement in principle with Silo Energy to settle certain claims.

Under the settlement, Silo Energy’s unsecured claim will be allowed in the amount of $75 million and Silo Energy will receive a distribution of new common stock, unless the Company elects to pay such distribution in cash via written notice delivered to Silo Energy on or before five days before the effective date of a bankruptcy plan, equal in value to $2.7 million (the agreed value of the distribution to be provided to Silo Energy in satisfaction of the Silo Energy claim under Class 2D under the Plan).

If, after execution of the stipulation, the Plan is modified, to increase the distribution provided to creditors classified in Class 2D under the Plan, the Debtors shall provide Silo Energy with additional new common stock. The Debtors shall pay $4,527,944.42 in cash to Silo Energy on the effective date.

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The post Bonanza Creek Energy Settlement Reached appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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