Tri-Point Oil & Gas plan of liquidation effective as of Sept. 30

By Sarah Lizee

Olympia, Wash., Oct. 1 – Tri-Point Oil & Gas Production Systems, LLC’s plan of liquidation took effect on Wednesday, according to a notice filed with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, the plan was confirmed on Aug. 27.

The Tri-Point debtors will become liquidating debtors following the plan effective date and be managed by a plan agent.

According to the plan, Tri-Point’s chief executive officer will become the plan agent and will be responsible for liquidating remaining estate assets, making plan distributions and winding down the company’s estates.

Priority claims and ABL claims will be paid in full in cash.

Other secured claims will be paid in full in cash or receive the collateral securing the claims.

Holders of pre-bankruptcy term loan claims and general unsecured claims will receive a share of remaining liquidating debtor cash after all senior claims are paid in full.

Holders of interests and intercompany claims will receive no distribution.

Houston-based Tri-Point, through its subsidiaries, provides surface production solutions and process equipment and services to customers in North America. The company filed bankruptcy on March 16, 2020 under Chapter 11 case number 20-31777.

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