First Amended Liquidation Plan Approved for Alta Mesa Resources, Inc. and its AMH and SRII Debtor Affiliates
May 27, 2020 at 12:00 am EDT
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The US Bankruptcy Court approved the first amended plan of liquidation of Alta Mesa Resources, Inc. and its AMH and SRII debtor affiliates on May 27, 2020. The debtor has filed its amended plan in the Court on May 24, 2020. As per the amended plan, general administrative claims, statutory fees, professional fee claims, priority tax claims, other priority claims and other secured claims will be paid full in cash. Prepetition secured AMH RBL claims of $32 million with a recovery rate of 51.3%, will be paid through pro rata share of 100% of the excess AMH distributable cash, AMR general unsecured claims of $840 will be recovered 80.4% and will be paid through pro rata share of AMR distributable cash, AMH general unsecured claims of $0.06 million with a recover rate of 4.3% will be paid through pro rata share of AMH GUC distribution cash, Prepetition AMH RBL Deficiency Claims will have a recovery rate of 0%, SRII General Unsecured Claims will be paid full in cash and Prepetition Senior Notes Claims of $0.51 million with a recovery rate of 0.4% will be paid through pro rata share of Prepetition Senior Notes distribution cash. Intercompany claims will be reinstated or cancelled, intercompany claims and AMH interest will be cancelled, SRII interests and AMR interest will be cancelled and holders will receive excess cash. The plan will be funded through cash in hand and sale of assets.
Alta Mesa Resources, Inc. is a United Staes-based oil and gas exploration company. The Company is an independent exploration and production company focused on the development of unconventional onshore oil and natural gas reserves in the eastern portion of the Anadarko Basin in Oklahoma. The Company operate in two reportable business segments - Upstream and Midstream.