Rockdale Marcellus Holdings files Chapter 11 plan of liquidation

By Sarah Lizee

Olympia, Wash., Feb. 2 – Rockdale Marcellus Holdings, LLC filed a Chapter 11 plan of liquidation and related disclosure statement Tuesday with the U.S. Bankruptcy Court for the Western District of Pennsylvania.

As previously reported, the company closed the sale of all of its assets to Repsol Oil & Gas USA, LLC for $222 million on Jan. 19.

According to the disclosure statement, holders of administrative expense claims, including debtor-in-possession claims, and priority tax claims will be paid in full on the effective date.

Priority non-tax claims will be paid in full in cash.

Holders of other secured claims will receive, at the option of the plan administrator, payment in full in cash, the collateral securing their claims, or other treatment leaving the claims unimpaired.

Hedge termination secured claims, RBL secured claims and second-lien secured claims are unimpaired under the plan.

Holders of convenience claims will receive cash equal to a percentage of their claims. The exact percentage was not given in the disclosure statement.

Holders of general unsecured claims will receive their pro rata share of a general unsecured recovery pool. The cash amount of the pool was not disclosed.

All interests will be canceled with no distribution to holders.

Canonsburg, Pa.-based Rockdale is an independent exploration and production company with a gas-focused asset base. The company filed bankruptcy on Sept. 21 under Chapter 11 case number 21-22079.

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