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 Effective

Tuscany International Drilling’s First Amended Joint Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The Court confirmed the Plan on May 21, 2014. As a condition to Plan effectiveness, the Company’s lenders have acquired Tuscany International Drilling’s assets under and pursuant to the provisions of the asset purchase agreement dated April 8, 2014 by and between the Company, as seller, and Tuscany Holdings GP and Tuscany Limited Partnership (collectively, Tuscany Holdings), newly-formed entities that are controlled by the Company’s senior secured lenders, as buyer. Tuscany Holdings, through its new management team, will operate the Company’s previous Colombian and Ecuadorian businesses. In connection with Plan effectiveness, Tuscany Holdings issued a release announcing its acquisition of Tuscany International Drilling’s Colombian and Ecuadorian assets: “Pursuant to the Chapter 11 Plan, as of June 9, 2014, each of the officers and members of the board of directors of Tuscany and the Affiliate Debtor have resigned, and FTI Consulting Canada Inc. (‘FTI’) has been appointed as Plan Administrator. Pursuant to the Chapter 11 Plan, Tuscany has filed Articles of Amendment to permit it to redeem all of its current issued and outstanding common shares for nominal value. Pursuant to the Chapter 11 Plan, there will be no recoveries to existing shareholders of Tuscany beyond any recoveries as contemplated by the Chapter 11 Plan.” 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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