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Cubic Energy files petition for Chapter 11 bankruptcy
By Mark Reccek
Bethlehem, Pa., Dec. 14 – Cubic Energy, Inc. filed for Chapter 11 bankruptcy on Friday in the U.S. Bankruptcy Court for the District of Delaware, according to an 8-K.
The company lists $120.7 million in assets and $114.2 million in liabilities, the court filing noted.
The 8-K said components of the prepackaged plan of reorganization include:
• All existing equity interests in the Cubic parties will be canceled, including the company’s common stock;
• In exchange for the release and discharge of their pre-petition claims, affiliates of the pre-petition noteholders will receive in the aggregate 100% of the equity interests in the reorganized company, as well as new senior secured notes issued by the reorganized company; and
• Wells Fargo Energy Capital, Inc. will receive, in exchange for the release and discharge of its pre-petition claims, 100% of the equity interest in the reorganized Cubic Louisiana companies.
Also, holders of company stock will not receive any consideration under the plan.
The 8-K further indicated the investment agreement between the Warren holders and the company dated Oct. 2, 2013 was terminated as a result of the Chapter 11 cases.
Cubic is an oil and gas exploration and production company based in Dallas. Its Chapter 11 case number is 15-12500.
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