RAAM Global second amended Chapter 11 plan of liquidation confirmed

By Mark Reccek

Bethlehem, Pa., Jan. 19 – RAAM Global Energy Co.’s second amended Chapter 11 joint plan of liquidation was confirmed, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

Treatment of creditors will include the following:

• Administrative claims, priority tax claims and other priority claims will be paid in full in cash, either by the purchaser of the company’s assets, a liquidating trustee or a priority claim reserve;

• Holders of first-lien credit agreement claims will receive consideration called for in the purchase agreement if stalking horse bidder Highbridge Principal Strategies, LLC is the buyer or be paid in full in cash from sale proceeds if it is not;

• Holders of senior secured notes will receive a share of any cash in excess of sale proceeds;

• Holders of other secured claims will either be paid in full in cash, receive the collateral securing the claim or have their claims reinstated;

• Holders of general unsecured trade claims will receive a share of liquidating trust assets not otherwise distributed in accordance with the plan;

• Holders of general unsecured non-trade claims will receive no distribution;

• Intercompany claims will be either reinstated or canceled without distribution, at the option of the liquidating trustee; and

• Holders of equity interests in RAAM and its debtor subsidiaries will receive no distribution.

RAAM, a Lexington, Ky.-based oil and gas company, filed for bankruptcy on Oct. 26. The Chapter 11 case number is 15-35615.

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