Alpine Summit’s plan confirmation hearing moved to April 16

By Sarah Lizee

Olympia, Wash., March 18 – Alpine Summit Energy Partners, Inc.’s hearing on confirmation of its Chapter 11 plan of liquidation was moved to April 16, according to a notice filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

The company filed an amended plan on Wednesday.

A redline version showed changes to the claims reserve and treatment of debtor-in-possession financing claims.

The claims reserve will include cash in a gross amount of $43.24 million for the disputed informal committee of drilling partnership claims and $4.34 million for the disputed non-Op claims, which include reductions of $9.85 million and $421,000, respectively.

Each holder of an allowed DIP claim will receive a cash payment in an amount no less than the balances as of the effective date of the following:

• The outstanding principal of the DIP claims representing the $11 million of new funds advanced under the DIP credit agreement;

• The outstanding interest accrued on the DIP claim;

• The outstanding interest accrued on the prepetition credit agreement claim amounts that were not converted to roll-up loans under the final DIP order;

• The outstanding post-petition engineering fees incurred by Bank7; and

• The outstanding unpaid prepetition reasonable and documented legal fees of Bank7 to be reimbursed as adequate protection and deemed to be part of the principal balance under the DIP facility in the final DIP order.

A lienholder trustee will subsequently make additional distributions on account of the allowed DIP claims as additional lienholder trust cash becomes available.

Nashville-based Alpine Summit Energy Partners develops, owns and operates oil and gas properties in several formations in Texas. The company filed bankruptcy on July 5, 2023 under Chapter 11 case number 23-90739.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.