Lilis Energy Chapter 11 plan of liquidation effective as of Dec. 4

By Sarah Lizee

Olympia, Wash., Dec. 7 – Lilis Energy, Inc.’s Chapter 11 plan of liquidation became effective on Friday, according to an 8-K filed with the Securities and Exchange Commission.

As previously reported, the plan was confirmed on Nov. 17.

The company closed the sale of substantially all of its assets to Ameredev Texas, LLC.

All net proceeds from the sale not distributed under the plan were contributed to a liquidation trust.

The company’s notes, instruments, certificates, credit agreements, indentures and other documents evidencing creditor claims or equity interests, including all outstanding shares of common and preferred stock of the company, were canceled as of the effective date.

The company and its filing subsidiaries were dissolved and ceased to exist.

Vinson & Elkins LLP served as legal adviser to the company, Barclays Capital served as investment banker and Opportune LLP served as restructuring adviser. Bracewell LLP served as legal adviser to Ameredev.

Lilis is a Fort Worth-based independent oil and gas exploration and production company that operates in the Permian’s Delaware Basin. The company filed bankruptcy on June 28 under Chapter 11 case number 20-33274.

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