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

BPZ Resources Plan Filed

BPZ Resources filed with the U.S. Bankruptcy Court an Amended Chapter 11 Plan of Liquidation and related Disclosure Statement. Under the Disclosure Statement, holders of administrative claims, priority tax claims, Class 1: priority non-tax claims and Class 2: secured claims shall receive payment in full, in cash, of the allowed amount of such claim. Holders of Class 3: general unsecured claims shall receive a pro rata share of the liquidating trust interests or a one-time payment in cash of 20% of the allowed amount of such claim. Holders of Class 4: subordinated claims, Class 5: equity interests and Class 6: inter-company claims shall receive no distribution. The Disclosure Statement notes, "The Debtor is proposing the Plan over the alternative of converting the Debtor’s bankruptcy case to chapter 7 of the Bankruptcy Code because the Debtor believes that (i) the Plan provides a more orderly liquidation and a greater recovery to Creditors than a chapter 7 liquidation, and (ii) the Plan avoids unnecessary costs to the Debtor's estate which would accrue should the Debtor's bankruptcy case be converted to chapter 7 of the Bankruptcy Code." The Court scheduled an October 1, 2015 hearing to consider the Disclosure Statement.

Read more Bankruptcy News