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 Plan Filed, Disclosure Statement Approved

Miller Energy Resources filed with the U.S. Bankruptcy Court an Amended and Revised Joint Chapter 11 Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, "[T]he Debtors' mid-point estimated Enterprise Value is $151 million. Because the Lenders have a lien on substantially all assets of each of the Debtors, this requires the bifurcation of the Credit Agreement Claims of $189.7 million into the Lender Secured Claims aggregating $151 million and the Lender Deficiency Claims aggregating $38.7 million. The Lender Secured Claims would thus be entitled to the full value of the Debtors and there would be no value left for distribution to Unsecured Creditors. The Lenders have nevertheless consented to the Distributions to Unsecured Creditors as part of the global settlement on the condition that they vote to accept the Plan, which would avoid the need for a contested and potentially expensive Plan confirmation process." The Court subsequently approved the Disclosure Statement and scheduled a January 27, 2016 hearing to consider the Plan, with objections due by January 20, 2016.

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