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

Dune Energy Plan Filed

Dune Energy filed with the U.S. Bankruptcy Court a Chapter 11 Plan and related Disclosure Statement. According to the Disclosure Statement, "Except to the extent that the holder of a particular Administrative Claim has agreed to a different treatment of its Claim, the Plan provides that Administrative Claims shall be paid in full on the Effective Date; With respect to holders of Allowed Priority Employee Claims, the Plan provides that holders of such Claims shall receive Cash in the amount of their Allowed Priority Employee Claims, plus accrued interest after the Confirmation Date, such payment to be made on the later of (a) ten (10) days after the Effective Date or (b) ten (10) days after the date such Claim becomes Allowed; (k) With respect to holders of Priority Unsecured Non-Tax Claims, the Plan provides that, that absent agreement, holders of Allowed Priority Unsecured Non-Tax Claims shall receive Cash in the amount of their Priority Unsecured Non-Tax Claims on the later of (i) the Effective Date or (ii) ten (10) days after the Allowance Date in accordance with the Plan Trust Agreement; (l) With respect to a Secured Claim (including a Claim that that would otherwise be a Priority Unsecured Tax Claim, but for the secured status of the claim), the holder of that Claim will receive on account of such Claim either (i) a Distribution equal to 100% of its claim in cash on the Effective Date; (ii) conveyance of any collateral securing the Allowed Secured Claim, or (iii) such other treatment that may be agreed to by the holder of such Claim and the Plan Trustee; (m) If a Class of Claims or Equity Interests is Impaired under the Plan, at least one such Class of Claims or Equity Interests has accepted the Plan, determined without including any acceptance of the Plan by any insider holding a Claim or Equity Interest of that Class; (n) Confirmation of the Plan is not likely to be followed by the liquidation or the need for further financial reorganization of the Debtors or any successor to the Debtors under the Plan, unless such liquidation or reorganization is proposed in the Plan."

Read more Bankruptcy News