Rockdale Marcellus gets conditional approval of plan for solicitation

By Sarah Lizee

Olympia, Wash., March 2 – Rockdale Marcellus Holdings, LLC received conditional approval of its combined Chapter 11 plan of liquidation and disclosure statement for solicitation purposes, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Western District of Pennsylvania.

The plan confirmation hearing is scheduled for April 14.

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, priority tax claims and priority non-tax claims will be paid in full.

Debtor-in-possession claims were satisfied in full.

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 50% of their claims.

Holders of general unsecured claims will receive their pro rata share of a general unsecured recovery pool.

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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