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

Azure Midstream Partners Plan Effective

Azure Midstream Partners' Fifth Amended Joint Plan of Liquidation became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on January 10, 2017. BankruptcyData's Plan Summary notes, "The purpose of the Plan is to effectuate the completion of a sale of the Assets and the orderly wind down of the Debtors' affairs through the distribution of: the proceeds from the Sale Transaction and other assets of the Debtors' estates for the benefit of holders of Allowed Claims pursuant to the Plan and the Bankruptcy Code's priority distribution requirements." According to a corporate release, as of the effective date all common units have been cancelled without consideration and an entity formed pursuant to the Plan (the "Azure Custodian") holds a single new unit of the Partnership's common units as custodian for the benefit of the former unitholders. As soon as practicable and in accordance with the Plan, Azure Midstream Partners' corporate existence will be terminated. Under the terms of the Plan, a portion of the allowed, secured claims arising under Debtors' pre-petition credit agreement shall continue to be paid pursuant to the Plan and, thereafter, the Debtors shall pay all allowed tax claims, administrative expense claims, professional fees and expenses, general unsecured claims and any costs associated with winding down the Debtors' estates. On March 15, 2017 Azure Midstream Partners entered into a purchase and sale agreement with BTA Gathering, pursuant to which Azure Midstream Partners sold substantially all of it business and assets to BTA Gathering. The purchase and sale agreement was approved by the Court by sale order dated March 15, 2017 and closed on April 28, 2017. This midstream energy asset developer filed for Chapter 11 protection on January 30, 2017, listing $568 million in pre-petition assets.

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