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Cobalt International Energy plan of reorganization effective April 10
By Caroline Salls
Pittsburgh, April 11 – Cobalt International Energy, Inc.’s fourth amended plan of reorganization took effect on Tuesday, according to a notice filed with the U.S. Bankruptcy Court for the Southern District of Texas.
The plan was confirmed on April 5.
Under the plan, Cobalt will close a sale transaction and distribute net cash to its creditors.
Priority claims will be paid in full in cash.
Holders of other secured claims will either be paid in full in cash or the claims will be reinstated.
Holders of first-lien notes claims will receive treatment rendering their claims unimpaired.
Holders of second-lien notes claims will receive a share of a second-lien recovery.
Holders of subsidiary general unsecured claims will receive a share of a settlement reserve.
Holders of Cobalt general unsecured claims will receive a share of a general unsecured claim recovery amount. In addition, holders of Cobalt general unsecured claims that do not hold second-lien deficiency claims will receive a share of a settlement amount.
Section 510(b) claims will be canceled without any distribution.
Intercompany interests and intercompany claims may be, at the company’s option, either reinstated or canceled with no distribution.
Interests in Cobalt will be canceled.
Cobalt is a Houston-based exploration and production company active in the deepwater section of the Gulf of Mexico and offshore of west Africa. The company filed bankruptcy on Dec. 14 under Chapter 11 case number 17-36709.
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