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

Green Field Energy Services Plan Effective

Green Field Energy Services’ Second Amended Joint Plan of Liquidation became effective, and the Company emerged from Chapter 11 protection. The Court confirmed the Plan on April 23, 2014. According to documents filed with the Court, “The Plan and Plan Documents reflect and incorporate a settlement and compromise of controversies. In particular, the Plan reflects a settlement between the Debtors, Shell, the Senior Secured Noteholders and the Official Creditors’ Committee, on behalf of the general unsecured creditors regarding, among other things, potential causes of action against Shell, the value of the collateral securing the senior noteholder claims and the distribution of remaining assets of the estates between the senior secured noteholders and general unsecured creditors. The Plan provides for the liquidation of assets of the estates, including the investigation and prosecution of causes of action by a liquidation trust to be formed pursuant to the plan and a liquidation trust agreement....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.”This hydraulic fracturing and well services provider filed for Chapter 11 protection on October 27, 2013, listing $359 million in pre-petition assets.

Read more Bankruptcy News