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

GreenHunter Resources Plan Effective & Summarized

GreenHunter Resources' First Amended Plan of Liquidation became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on August 4, 2017. BankruptcyData's Plan Summary notes, "Unsecured Claims will be reviewed by the Liquidating Trustee and are subject to objection by him. Each holder of an Allowed Unsecured Claim shall receive in full satisfaction, settlement, and release of and in exchange for such Allowed Claim, such holder's Pro Rata Share of cash distributed by the Liquidating Trust to the holders of Allowed Unsecured Claims after payment in full of holders of Administrative Claims and Claims in Classes 1–5 as well as the cost of administration of the Trust. All Equity Interests in the Debtors shall be cancelled, voided, and of no further force or effect whatsoever. No distributions will be made on account of any Equity Interest in the Debtors." Documents filed with the Court explain, "The Effective Date of the Plan is October 2, 2017. For purposes of calculating all filing and other deadlines in the Plan and Confirmation Order determined by reference to the Effective Date, such time periods are deemed to have commenced from the date of service of the Notice of Effective Date which is October 6, 2017. The administrative claim bar date is November 20, 2017. The rejection claim bar date is November 6, 2017. The bar date for filing objections to claims is March 28, 2018." This oilfield services provider filed for Chapter 11 protection on March 1, 2016, listing $35 million in pre-petition assets. Visit BankruptcyData for the full Plan Summary.

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