Rockall Energy granted conditional approval of disclosure statement

Chicago, May 3 – Rockall Energy Holdings, LLC was granted conditional approval of its disclosure statement with revised deadlines, according to a filing on Tuesday with the U.S. Bankruptcy Court for the Northern District of Texas.

Other priority claims (class 1) of $108,633 will be unimpaired and paid in full in cash and presumed to accept the plan.

Other secured claims (class 2) of $2,468,192 will be unimpaired and paid in full in cash and also presumed to accept the plan.

The secured parties claims (class 3) of $150,147,519 will be impaired and they will be entitled to vote.

They will either receive a pro rata share of the secured parties cash payment, the beneficial interests in the liquidation trust or such other treatment as agreed by the debtors and the applicable holder of a secured parties claim if a payout event occurs.

However, if a payout event does not occur, they will receive a pro rata share of the secured parties equity distribution and the secured parties cash payment, if any; the beneficial interests in the liquidation trust (if any); or such other treatment as agreed by the debtors and the applicable holder of a secured parties claim.

The general unsecured claims (class 4) of $45,701,766 will be impaired and entitled to vote. The class will receive either a pro rata share of the GUC global settlement ament or the beneficial interests in the GUC trust.

All intercompany claims (class 5) $1,320,868,526 will be adjusted, reinstated, compromised or discharged. Based on whether they are unimpaired or impaired, they will be presumed to be accepted or deemed as rejected, respectively.

Subordinated claims are impaired and will not receive anything. The class 6 claims are deemed to reject the plans.

Intercompany interests (class 7) of will be adjusted, reinstated, compromised or discharged. Based on whether they are unimpaired or impaired, they will be presumed to be accepted or deemed as rejected, respectively.

Rockall equity interests will be impaired and holders will not receive any distribution unless all senior claims are paid in full. The class is deemed to reject the plan.

The company had submitted a voting record date of Tuesday with a voting deadline of May 18 and a voting report on May 19.

The Dallas-based oil exploration and production company filed Chapter 11 bankruptcy on March 9 under case number 22-90000.

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