Trinity River Resources: Amended plan of liquidation effective Dec. 28

By Caroline Salls

Pittsburgh, Dec. 29 – Trinity River Resources, LP’s amended plan of liquidation took effect on Dec. 28, according to a notice filed with the U.S. Bankruptcy Court for the Western District of Texas.

The plan was confirmed on Dec. 13.

As previously reported, the plan calls for distributions of the company’s assets to creditors.

A liquidating trustee will distribute the assets, which include the proceeds from causes of action and a trust contribution equal to $4.98 million, minus the amount of any administrative expenses paid by the state on or after the date of closing of the company’s asset sale through the plan effective date.

Under the plan, all administrative expense, priority tax and priority claims will be paid in full in cash.

Holders of “other” secured claims will be paid in full in cash or receive the collateral securing the claims.

Pre-bankruptcy lender secured claims will receive cash held by the state on the effective date less the amount of the trust contribution and will have a right to repayment of a pre-bankruptcy advance.

Holders of general unsecured claims will receive a share of liquidating trust assets remaining after payment of priority claims and trust expenses.

Interests will be canceled and extinguished, and holders will receive no distribution.

Trinity River is an Austin, Texas-based oil and gas company that filed bankruptcy on April 21, 2016. The Chapter 11 case number is 16-10472.

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