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

Miller Energy Resources Chapter 11 Petition Filed

Miller Energy Resources and certain of its subsidiaries filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Alaska, lead case number 15-00313. The Company, which develops and operates oil and gas wells, is represented by Timothy A. Davidson, II of Andrews Kurth. Miller Energy Resources has agreed upon a term sheet with Apollo Investment and certain affiliates of Highbridge Capital Strategies (together, the second lien lenders) for a comprehensive financial restructuring that would substantially reduce the Company's indebtedness, provide a long-term solution for its balance sheet, enable the Company to operate with minimal disruption and loss of productivity and protect and preserve its going-concern value for all stakeholders. To oversee the bankruptcy process and seek out any additional opportunities outside the pre-negotiated bankruptcy plan to maximize the value of the Company and its assets, Miller Energy Resources' board of directors has established a restructuring committee consisting of four members with equal voting power. The four members are the Company's three independent directors - Haag Sherman, Bob Gower and Gerald Hannahs - and the Company's chief executive officer: Carl Giesler. Under the terms of the pre-negotiated bankruptcy, the second lien lenders will convert a substantial amount of their existing loan into equity in the reorganized Company.

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