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

American Natural Energy Plan Filed

American Natural Energy filed with the U.S. Bankruptcy Court a Joint Amended Chapter 11 Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, "The Joint Plan designates six (6) Classes of Claims and Equity Interests taking into account their differing nature and priority as established under the Bankruptcy Code....The Debtor believes Hillair's balance to be $2,956,805 as of the date of the filing of the petition for relief. Additionally, during the period between the filing of the petition for relief and the entry of the order for relief, Hillair advanced $180,000 to the Debtor. This Claim is a Gap Claim and is also secured by the security interests held by Hillair bringing the total according to the Debtor of pre-order for relief debt due to Hillair and secured by the security interest to $3,136,805. However, Hillair asserts that it holds a claim for $4,091,000. Confirmation of the Joint Plan herein will constitute approval of a settlement whereby Hillair and the Debtor agree that these Claims will be reduced to 3.1 million dollars….Thus the Debtor believes that the Class 4 Claims total approximately $9,489,992.13. Under the Joint Plan a Trustee will hold 7.5% of the New Common Stock on account of the holders of Class 4 Claims. The 7.5% calculation for the Class 4 Claims is based on the Enterprise Value of $4,850,000, and more specifically, the portion of the debt for equity conversion between Hillair's $3,100,000 Secured Claim and GAP Claim, attributable to the lease and the overall $3,100,000 that takes into account the access to seismic data as well….The General Unsecured Claims consists largely of trade debt, with the majority of Claims falling around or below $50,000. The largest non-priority unsecured debt, $9,336,516, is owed to Gothic Resources, the Debtor's wholly owned subsidiary. The next three largest debts are: Palo Verdes Acquisitions LLC ($3,639,123); Louisiana Oil Properties ($989,751); and Riggs, Abney, Neal, Turpen, Orbison & Lewis ($653,547.70)."

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