Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Bonds / Post-Bankruptcy Stocks

GMX Resources Plan Effective

GMX Resources announced that its First Amended Joint Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on January 22, 2014. All priority non-tax claims have been paid off as of the effective date or will be paid as soon as reasonably practical. General unsecured creditors received a pro rata share of (1) interests in a creditor trust created as of the effective date and (2) $1.5 million in cash. At the option of the Debtors (with certain required consents), inter-company claims were either reinstated or eliminated, in full or in part. As of the effective date, all rights and interests of holders of the Company’s common and preferred stock have been terminated. Equity interests in the Debtor subsidiaries are now held directly by Reorganized GMXR for the benefit of the holders of Reorganized GMXR common stock. As of the effective date, the Company’s debtor-in-possession credit facility has been converted into a new exit credit facility. Pursuant to the terms of the credit agreement governing the exit facility, the reorganized entities may borrow from the new exit credit facility to support their post-bankruptcy financing needs. This oil and gas exploration company filed for Chapter 11 protection on April 1, 2013, listing $542 million in pre-petition assets.

Read more Bankruptcy News