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Rex Energy announces Nov. 14 amended liquidation plan effective date
By Caroline Salls
Pittsburgh, Nov. 14 – Rex Energy Corp.’s amended plan of liquidation took effect on Wednesday, according to a notice filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania.
The plan was confirmed on Oct. 16.
According to the disclosure statement filed with the plan, the plan provides for the distribution of the net proceeds from the sale of the company’s assets to holders of allowed claims and the wind-down of Rex Energy’s estates.
In September, Rex Energy received court approval to sell its assets to PennEnergy Resources, LLC for $600.5 million.
Under the plan, administrative claims, priority tax claims and priority claims will be paid in full in cash.
Holders of debtor-in-possession financing claims will receive a share of a DIP/first-lien payoff amount in cash.
The second-lien indenture trustee will receive an initial payment for second-lien claimants on the closing date. These creditors will also receive a share of remaining funds after payment of other secured claims if there is enough cash available to make required payments on senior claims and to pay winddown expenses.
Holders of other secured claims will either be paid in full in cash or receive the collateral securing the claim.
Holders of general unsecured claims are not expected to receive any distribution.
All interests will be deemed cancelled, and holders will receive no distribution.
According to an 8-K filed Wednesday with the Securities and Exchange Commission, the remaining officers and directors of the company resigned on the effective date, and Tiffany King was appointed as the sole officer and director.
Rex Energy is a State College, Pa., oil and gas exploration and production company. It filed for Chapter 11 on May 18 under case number 18-22032.
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