Close

ALTA MESA: May 27 Combined Hearing on Plan & Disclosures

Alta Mesa Resources, Inc., et al., filed a notice of (i) Combined hearing on Plan Confirmation and adequacy of Disclosure Statement, (ii) Objection and voting deadlines and (iii) Solicitation and voting procedures.

A video/telephonic hearing will be held on May 27, 2020, at 9:00 a.m. (prevailing Central Time) before the Honorable Marvin Isgur, United States Bankruptcy Judge for the Southern District of Texas, to consider entry of an order confirming the Plan and approving the Disclosure Statement on a final basis.

The deadline for voting on the Plan is May 20, 2020 at 5:00 p.m. (prevailing Central Time).

The deadline for filing objections to the Plan and/or the Disclosure Statement is May 20, 2020 at 5:00 p.m. (prevailing Central Time).

The Plan provides, among other things, for the following:

* Each Holder of a Class 1 Other Secured Claim will receive (i) payment in full in Cash from the applicable Claims Reserve, (ii) the collateral securing such Allowed Class 1 Other Secured Claim, or (iii) such other treatment as may be agreed to in accordance with the Plan;

* Each Holder of a Class 2 Prepetition AMH RBL Claim will receive in satisfaction of its Prepetition Secured AMH RBL Claim (i) its Pro Rata share of the Interim Distribution; (ii) 100% of the Excess AMH Distributable Cash; (iii) its Pro Rata share of the Reserved ORRI; and (iv) to the extent such Prepetition AMH RBL Claim has not been satisfied in full under the foregoing sections (i), (ii), and (iii), its Pro Rata share of the Excess AMH Reserve Amounts;

* Each Holder of a Class 3 AMR General Unsecured Claim will receive (i) its Pro Rata share of the Excess AMR Distributable Cash; and (ii) to the extent such AMR General Unsecured Claim has not been satisfied in full under the foregoing section (i), its Pro Rata share of the Excess AMR Reserve Amounts;

* Each Holder of a Class 4 Prepetition Senior Notes Claims will receive (i) its Pro Rata share of 100% of the Prepetition Senior Notes Distribution Cash; and (ii) its Pro Rata share of the AMH Litigation Trust Interests (to be shared with the Class 6 AMH RBL Deficiency Claims);

* Each Holder of a Class 5 AMH General Unsecured Claims Each Holder will receive its Pro Rata share of 100% of the AMH GUC Distribution Cash;

* Each Holder of a Class 6 Prepetition AMH RBL Deficiency Claims will receive its Pro Rata share of the AMH Litigation Trust Interests (to be shared with the Class 4 Prepetition Senior Notes Claims);

* Each Holder of a Class 7 SRII General Unsecured Claims will receive payment in full in Cash from the SRII Claims Reserve;

* Each Class 8 Intercompany Claim not released under the Plan will, at the option of the Debtors, either be (i) Reinstated or (ii) cancelled and extinguished, in which case Holders of Intercompany Claims will receive no recovery on account of such Claims;

* Each Class 9 Intercompany Interests will be cancelled and discharged, with the Holders of such Class 9 Intercompany Interests receiving no distribution on account of such Intercompany Interests;

* Each Class 10 SRII Interest will be cancelled and discharged. The Holders of such Class 10 SRII Interests and AMR (on account of AMR’s Interest in SRII Opco, LP) will receive, in exchange for their respective Interests in the SRII Debtors, their Pro Rata shares of Excess SRII Distributable Cash and Excess SRII Reserve Amounts remaining after satisfaction in full of SRII General Unsecured Claims;

* Each Class 11 AMR Interest will be cancelled and discharged, with the Holders of such Class 11 AMR Interests receiving no distribution on account of such AMR Interests, except to the extent that Excess AMR Distributable Cash and Excess AMR Reserve Amounts remain after satisfaction in full of AMR General Unsecured Claims, in which event the Holders of AMR Interests and any Section 510(b) Claims against AMR shall be entitled to their Pro Rata share of such remaining amounts;

* Each Class 12 Section 510(b) Claim will be canceled and discharged, with the Holders of such Class 12 Section 510(b) Claims receiving no distribution on account of such Claims, except to the extent that Excess AMR Distributable Cash and Excess AMR Reserve Amounts remain after satisfaction in full of AMR General Unsecured Claims, in which event the Holders of AMR Interests and any Section 510(b) Claims against AMR shall be entitled to their Pro Rata share of such remaining amounts; and

* Each Class 13 AMH Interest will be cancelled and discharged, with the Holders of such Class 13 AMH Interests receiving no distribution on account of such AMH Interests.

A full-text copy of the Notice dated April 27, 2020, is available at https://tinyurl.com/y8k76kcn from PacerMonitor.com at no charge.

Counsel for AMR/AMH Debtors:

John F. Higgins
Eric M. English
Aaron J. Power
M. Shane Johnson
PORTER HEDGES LLP
1000 Main Street, 36th Floor
Houston, Texas 77002
Telephone: (713) 226-6000
Fax: (713) 226-6248
E-mail: jhiggins@porterhedges.com
eenglish@porterhedges.com
apower@porterhedges.com
sjohnson@porterhedges.com

– and –

George A. Davis (admitted pro hac vice)
Annemarie V. Reilly (admitted pro hac vice)
Brett M. Neve (admitted pro hac vice)
LATHAM & WATKINS LLP
885 Third Avenue
New York, NY 10022
Telephone: (212) 906-1200
Facsimile: (212) 751-4864
E-mail: george.davis@lw.com
annemarie.reilly@lw.com
brett.neve@lw.com

– and –

Caroline Reckler (admitted pro hac vice)
LATHAM & WATKINS LLP
330 North Wabash Avenue, Suite 2800
Chicago, IL 60611
Telephone: (312) 876-7700
Facsimile: (312) 993-9667
E-mail: caroline.reckler@lw.com

– and –

Andrew Sorkin (admitted pro hac vice)
LATHAM & WATKINS LLP
555 Eleventh Street, Suite 1000
Washington, D.C. 20004
Telephone: (202) 637-2200
Facsimile: (202) 637-2201
Email: andrew.sorkin@lw.com

About Alta Mesa Resources

Alta Mesa Resources, Inc., is an independent energy company focused
on the development and acquisition of unconventional oil and natural gas reserves in the Anadarko Basin in Oklahoma, and through Kingfisher Midstream, LLC, provides best-in-class midstream energy services, including crude oil and gas gathering, processing and marketing and produced water disposal to producers in the STACK play.

Alta Mesa reported $1.4 billion in assets and $864 million in liabilities as of Dec. 31, 2018.

Alta Mesa and six affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Case No. 19-35133) on Sept. 11, 2019.

The Hon. Marvin Isgur is the case judge.

The Debtors tapped Porter Hedges LLP and Latham & Watkins LLP as attorneys; and Perella Weinberg Partners LP and its affiliate Tudor Pickering Holt & Co Advisors LP as investment banker. Prime Clerk LLC is the claims agent.

Leave a Reply

Your email address will not be published. Required fields are marked *