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

Cubic Energy Plan Effective

Cubic Energy's Third Amended Prepackaged Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The Court confirmed the Plan on February 17, 2016. According to documents filed with the Court, "Pursuant the Plan, on the Effective Date: the prepetition holders of the Company's 15.5% Senior Secured Notes due 2016--Series A and 15.5% Senior Secured Notes due 2016--Series B and certain of their affiliates (the 'Prepetition Noteholders') will be issued and receive 100% of the limited liability company membership interests in the reorganized Company; the Prepetition Noteholders will receive new senior secured notes issued by the reorganized Company; and Wells Fargo Energy Capital, Inc. will receive 100% of the equity interests in the Reorganized Cubic Louisiana….All of the Company's existing equity interests, which includes all authorized and outstanding shares of common stock and preferred stock of the Company, will be deemed automatically cancelled and extinguished without further action by the Company upon the Effective Date. As of March 31, 2015, there were 77,505,908 shares of the Company's common stock, 18,168.81 shares of the Company's Preferred stock--9.5% Series B and 98,751.82 of the Company's Redeemable Preferred stock--Series C outstanding." This independent energy provider filed for Chapter 11 protection on December 11, 2015, listing $125 million in pre-petition assets.

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