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

Midway Gold Plan Confirmed, Summarized

The U.S. Bankruptcy Court issued an order confirming Midway Gold's Revised Second Amended Joint Chapter 11 Plan of Liquidation. The order states, "On the Effective Date or as soon as practicable thereafter, the Debtors shall transfer $500,000 to the Liquidating Trust in order to fund the Wind-Down Budget, and such amount shall reduce the amount otherwise payable to the Senior Agent on account of the Senior Agent Secured Claim." As previously reported, "Pursuant to the terms of the Cash Collateral Order, the Senior Agent shall have an Allowed Senior Agent Administrative Claim against each Debtor in the total aggregate amount of (i) $25 million, plus the Excess Reserve Amount, if any, or (ii) such lesser amount as may be agreed to by the Senior Agent and the Liquidating Trust....Class 1 consists of Priority Non-Tax Claims against each of the Debtors. The estimated range of recovery for Allowed Claims in this Class is 100%. Class 2 consists of the Senior Agent Secured Claim as a secured claim solely against the Estate of MDW Pan. The estimated recovery for Allowed Claims in this Class is between 10% and 15%….Pursuant to the Mechanic's Lien Settlement, the agreed recovery for Allowed Claims in this Class is 77.5% of the amount of the Mechanic's Lien Claimants' original principal claims. Each Claim of a holder of a Mechanic's Lien Claim shall be reduced and Allowed in an amount equal to 77.5% of the original principal amount of such holder's claim." This gold and silver exploration and production company filed for Chapter 11 protection on June 22, 2015, listing $201 million in pre-petition assets. Visit BankruptcyData for a detailed Plan Summary.

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