Bankruptcy News

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Bankruptcy/Chapter 11 / Bonds / Energy

Green Field Energy Services Plan Filed

Green Field Energy Services filed with the U.S. Bankruptcy Court a First Amended Chapter 11 Plan of Liquidation and related Disclosure Statement. According to the Disclosure Statement, “The Plan provides for the liquidation of Assets of the Estates, including the (a) investigation and prosecution of Causes of Action by a Liquidation Trust to be formed pursuant to the Plan and a Liquidation Trust Agreement. The Plan defines ‘Assets’ as (a) all assets and properties of every kind, nature, character and description (whether real, personal, or mixed, whether tangible and intangible, including contract rights, wherever situated and by whomever possessed), including the goodwill related thereto, operated, owned or leased by the Debtors as of the Effective Date and that constitute property of the Estates within the purview of Bankruptcy Code Section 541, including, without limitation, any and all Claims, Estate Causes of Action (including Avoidance Actions) and rights of the Debtors under federal, state, or foreign law, letters of credit issued for the benefit of the Debtors and the monies deposited to secure the performance of any contract or lease by the Debtors or any Affiliate thereof; and (b) the proceeds, products, rents and profits of any of the foregoing. For the avoidance of doubt, Assets include the rights of the Debtors under the Asset Purchase Agreements and the Sale Order. The Liquidation Trust is to be managed by a Liquidation Trustee under the oversight of a Liquidation Trust Oversight Committee. The Liquidation Trust will be responsible for liquidating the Assets of the Estates and making Distributions to holders of Allowed Claims, and, if applicable, Allowed Interests, as well as all other administrative tasks necessary for ultimate resolution of the Chapter 11 Cases, pursuant to the terms of the Plan and the Liquidation Trust Agreement....The Plan provides that on the Effective Date, each holder of an Allowed DIP Claim, in full and complete settlement, release and discharge of such Claim, will be paid in full in Cash all outstanding principal and accrued but unpaid interest, costs, fees and expenses owing as of the Effective Date, and any other amounts due and owing under the DIP Loan Documents. DIP Claims are not classified and are Unimpaired. The holders of such Claims are deemed to accept the Plan will not vote.” The Court scheduled an April 16, 2014 confirmation hearing to consider the Plan.

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