All American Oil & Gas liquidation plan deemed effective June 7

By Caroline Salls

Pittsburgh, June 10 – All American Oil & Gas Inc.’s plan of liquidation took effect on Friday, according to a notice filed with the U.S. Bankruptcy Court for the Western District of Texas.

The plan was confirmed on June 6.

As previously reported, the plan establishes a trust to liquidate All American’s remaining assets, wind down its affairs and make distributions to holders of claims and interests.

Under the plan, all allowed administrative claims, priority tax claims and other priority claims will be paid in full on or soon after the plan effective date.

The holder of a secured DWT claim will receive $3,400.

Holders of other secured claims will either be paid in full in cash, will receive a setoff against the retainer securing the claim or receive the collateral securing the claim.

Pre-bankruptcy secured parties will be treated in accordance with a settlement/sale transaction and sale order.

Holders of general unsecured claims will be paid in full, except to the extent the claim is settled or otherwise compromised.

Allowed Interests against the All American debtors will be cancelled and extinguished, and holders will receive periodic distributions of net overriding royalty interest proceeds from the liquidating trust after all claims have been paid in full.

All American is a San Antonio-based independent oil company. It filed bankruptcy on Nov. 12, 2018 under Chapter 11 case number 18-56293.

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