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, Supplement Filed

Tuscany International Drilling filed with the U.S. Bankruptcy Court a First Amended Joint Plan of Reorganization under Chapter 11 of the Bankruptcy Code. A related Disclosure Statement was not filed as a result of the April 9, 2014 order approving the Disclosure Statement. According to documents filed with the Court, “This Plan constitutes a separate plan of reorganization for each Debtor for all purposes, including, without limitation, for voting, confirmation, and distribution purposes. This Plan does not contemplate the substantive consolidation of the Debtors or their respective Estates for any purpose....On the Effective Date, NewCo shall be authorized to enter into and consummate the transactions contemplated by the NewCo Ownership Agreement, and any agreement or document entered into in connection therewith, shall become effective and binding in accordance with their respective terms and conditions upon the parties thereto, in each case without further notice to or order of the Bankruptcy Court, act or action under applicable law, regulation, order, or rule or the vote, consent, authorization or approval of any Entity (other than as expressly required by the NewCo Ownership Agreement).” The Company concurrently filed a First Amended Supplement for its Plan. The Supplement contains the following documents included with the previous supplement: Exhibit A-2: amended/new organizational documents of NewCo; Exhibit D: NewCo ownership agreement; Exhibit E: plan administrator agreement; Exhibit H: exit facility and Exhibit I: settlement term sheet.

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