Former Moriah Powder River has framework for plan of reorganization

By Sarah Lizee

Olympia, Wash., Nov. 3 – US Realm Powder River LLC, formerly Moriah Powder River LLC, said it now has a framework for a Chapter 11 plan of reorganization, according to a status report filed Thursday with the U.S. Bankruptcy Court for the District of Wyoming.

In July, the debtor, some of its affiliates and its chief restructuring officer participated in mediation with certain creditors.

At the conclusion of the mediation, the parties continued to negotiate various contested matters in the case, and ultimately negotiated the framework for a Chapter 11 plan of reorganization.

The parties also came up with a term sheet for the plan, which the company said will be filed at a later date.

The term sheet outlines various financial commitments of the debtor, affirmative and negative covenants, events of default, default remedies and other related provisions that will govern the debtor’s emergence from bankruptcy.

It also provides for various reporting requirements and the appointment of a monitor to oversee the debtor’s post-confirmation financial transactions to create transparency between the debtor and its affiliates, the company said.

The company said it hopes the plan confirmation process will start as early as Dec. 1, with the filing of a plan and related disclosure statement.

Moriah Powder River is a Denver-based oil and natural gas exploration and production company. The company filed bankruptcy on Oct. 31, 2019 under Chapter 11 case number 19-20699.

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