Triad Resources: court confirms company's plan of reorganization

By Lisa Kerner

Charlotte, N.C., Jan. 26 - Triad Resources, Inc.'s plan of reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of Ohio, according to an attorney familiar with the case.

As previously reported, the plan was accepted by a majority of voting creditors.

All five holders of $70.83 million in pre-bankruptcy lender claims, all four holders of $1.33 million in mechanics lien claims and the one holder of $481,000 in other secured claims voted to accept the plan, a prior court filing said.

In addition, 58 holders, or 90.63% in number, of $3.5 million, or 96.19% in amount, of general unsecured claims voted to accept the plan, while six holders, or 9.38% in number, of $137,170, or 3.8% in amount, of these claims voted to reject it.

Triad is a Reno, Ohio-based oil and natural gas exploration and production company focused exclusively in the Appalachian Basin. The company filed for bankruptcy on Dec. 31, 2008. The case number is 08-62733.

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