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 / Energy

Tuscany International Drilling Plan Filed

Tuscany International Drilling filed with the U.S. Bankruptcy Court a Joint Chapter 11 Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, “On the Effective Date, Reorganized HoldCo shall issue 100% of the Reorganized HoldCo Common Stock to the Plan Administrator pursuant to the Amended/New Organizational Documents. Reorganized HoldCo shall not be obligated to register the Reorganized HoldCo Common Stock under the Securities Act or Exchange Act or to list the Reorganized HoldCo Common Stock for public trading on any securities exchange or be a reporting issuer in any province of Canada. Distribution of the Reorganized HoldCo Common Stock shall be made, pursuant to the written instruction of Reorganized HoldCo, by delivery or book-entry transfer thereof. The NewCo Ownership Interests will constitute all of the equity interests in NewCo outstanding as of the Effective Date and shall be issued by NewCo in accordance with Article III of the Plan, subject to dilution on account of any shares issued in connection with the NewCo Incentive Plan. NewCo shall not be obligated to register the NewCo Ownership Interests under the Securities Act or Exchange Act or to list the NewCo Ownership Interests for public trading on any securities exchange or be a reporting issuer in any province of Canada. Distributions of the NewCo Ownership Interests shall be made, pursuant to the written instruction of NewCo, by delivery or book-entry transfer thereof by the applicable Distribution Agent as described in the Plan, as and to the extent practicable. Upon the Effective Date, after giving effect to the transactions contemplated by the Plan, the authorized capital stock or other equity securities of NewCo shall be that number of shares of NewCo Ownership Interests as may be designated in the Amended/New Organizational Documents. The New Equity Interests will be issued without registration under the Securities Act or any similar federal, state or local law....Except as otherwise provided in Article II of the Plan, the legal, equitable and contractual rights of the Holders of Allowed Administrative Claims are unaltered by the Plan. Subject to the other terms and conditions of Article II of the Plan, on the later of the Effective Date or the date on which an Administrative Claim becomes an Allowed Administrative Claim, or, in each such case, as soon as practicable thereafter, each Holder of an Allowed Administrative Claim (other than an Allowed Professional Fee Claim) will receive, in full satisfaction, settlement, discharge and release of, and in exchange for, such Claim either (i) Cash equal to the amount of such Allowed Administrative Claim; or (ii) such other less favorable treatment as to which the Debtors or Reorganized Debtors, as applicable, and the Holder of such Allowed Administrative Claim shall have agreed upon in writing….” The Court scheduled a May 6, 2014 hearing to consider the Disclosure Statement.

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