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

Cobalt International Energy Plan Confirmed, Summarized

The U.S. Bankruptcy Court issued an order confirming Cobalt International Energy's Fourth Amended Joint Chapter 11 Plan [Revised & Modified]. As previously reported, "On the Effective Date, the Plan Administrator Assets shall vest automatically in the Debtors under the control of the Plan Administrator free and clear of all Liens, claims, encumbrances, and other interests. The Plan shall be considered a motion pursuant to sections 105, 363, and 365 of the Bankruptcy Code for such relief. The vesting of control over the Plan Administrator Assets to the Plan Administrator shall be made for the benefit and on behalf of holders of Claims receiving a distribution from proceeds of the Plan Administrator Assets. For the avoidance of doubt, the vesting of the control of the Plan Administrator Assets with the Plan Administrator shall not constitute a transfer of ownership of the Plan Administrator Assets to the Plan Administrator….On the Effective Date (or as soon thereafter as is reasonably practicable), the Debtors shall deposit the Subsidiary GUC Settlement Reserve Amount in the Subsidiary GUC Settlement Reserve for the benefit of holders of Allowed Subsidiary General Unsecured Claims in accordance with Article III of the Plan….On the Effective Date (or as soon thereafter as reasonably practicable), the Derivative Action Defendants shall pay the Cobalt GUC Settlement Amount in the full amount of $5,000,000 for the benefit of holders of Allowed Cobalt General Unsecured Claims that are not Second Lien Notes Deficiency Claims." This oil and gas exploration company filed for Chapter 11 protection on December 14, 2017, listing $2.2 billion in pre-petition assets. Visit BankruptcyData for the full Plan Summary.

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