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 / Bonds

Magnum Hunter Resources Supplement Filed, Plan Confirmed

Magnum Hunter Resources filed with the Court a third amended Supplement to its Modified Third Amended Joint Plan of Reorganization. The Supplement contains the following documents: Exhibit A: form of exit financing credit agreement; Exhibit B: schedule of assumed executory contracts and unexpired leases; Exhibit C: blackline of schedule of assumed executory contracts and unexpired leases; Exhibit D: schedule of rejected executory contracts and unexpired leases; Exhibit E: blackline of schedule of rejected executory contracts and unexpired leases; Exhibit F: form of new stockholders' agreement; Exhibit G: blackline of form of new stockholders agreement; Exhibit H: form of registration rights agreement; Exhibit I: blackline of form of registration rights agreement; Exhibit J: disclosures pursuant to Section 1129(a)(5) of the Bankruptcy Code; Exhibit K: employee compensation matters; Exhibit L: blackline of employee compensation matters; Exhibit M: Eureka settlement; Exhibit N: Kanbar Settlement and Exhibit O: Continuum settlement. The Court subsequently confirmed Magnum Hunter Resources' Modified Third Amended Joint Chapter 11 Plan of Reorganization. As previously reported, "The Second Lien Claims shall be Allowed in the aggregate amount equal to $336,600,000 plus accrued and unpaid interest owing under the Second Lien Credit Agreement at the non-default rate set forth in the Second Lien Credit Agreement. The Note Claims shall be Allowed in the aggregate principal amount equal to $600 million plus accrued and unpaid prepetition interest, fees, expenses and indemnities owing under the Indenture at the non-default rate set forth in the Indenture….The DIP Facility Claims shall be deemed to be Allowed superpriority Administrative Claims in the full amount due and owing under the DIP Facility as of the Effective Date….The DIP Backstop Fee Claims shall be deemed to be Allowed superpriority Administrative Claims in the full amount of the DIP Backstop Fee as of the Effective Date." This oil and gas exploration and production Company filed for Chapter 11 protection on December 15, 2015, listing $1.7 billion in prepetition assets.

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