Shoreline Energy plan unanimously OK’d by three of four voting classes

By Caroline Salls

Pittsburgh, Feb. 8 – Shoreline Energy LLC’s first amended plan of liquidation was unanimously accepted by three of four voting creditor classes, according to a ballot report filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the one holder of $122.53 million of first-lien credit agreement claims, all 15 holders of $134.03 million of second-lien credit agreement claims and all 42 holders of $1.65 million of convenience claims voted to accept the plan.

In addition, 35 holders, or 81.4% in number, of $75.59 million, or 96.81% in amount, of claims in the general unsecured and holding company class voted to accept the plan, while eight holders, or 18.6% in number, of $2.49 million, or 3.19% in amount, of those claims voted to reject it.

The plan confirmation hearing is scheduled for Friday.

Houston-based Shoreline is a privately owned oil and gas exploration and production company. The company filed bankruptcy on Nov. 2 under Chapter 11 case number 16-35571.

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