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 / Post-Bankruptcy Stocks

Tuscany International Drilling Plan Confirmed

The U.S. Bankruptcy Court confirmed Tuscany International Drilling’s First Amended Joint Plan of Reorganization. As previously reported, “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).” This oil field services provider filed for Chapter 11 protection on February 2, 2014, listing $645 million in pre-petition assets.

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