Luca International Group amended liquidation plan confirmed by court

By Caroline Salls

Pittsburgh, July 18 – Luca International Group LLC’s amended plan of liquidation was confirmed Monday, according to an order filed with the U.S. Bankruptcy Court for the Southern District of Texas.

In March, Luca received court approval of the $2.4 million sale of substantially all of its assets to SSI Energy LLC.

Treatment of creditors under the plan will include the following:

• Administrative claims, priority tax claims and unsecured non-tax priority claims will be paid in full in cash;

• Holders of secured tax claims will be paid in cash or through other agreements;

• Secured claims of lienholders will be paid in cash, through the transfer of collateral or through other agreements;

• Holders of general unsecured vendor claims and other unsecured claims will receive a share of 50% of all amounts available for distribution after higher priority claims are paid in full;

• The liquidating trustee will make distributions to holders of beneficiary interests from the Securities and Exchange Commission’s share of unsecured claims;

• Bingqing Yang will not receive any payment on subordinated unsecured claims until priority, secured and other unsecured creditors have been paid in full with 5% interest; and

• Holders of equity interests in the debtors of Bingqing Yang will receive no distribution.

Luca International Group, a Houston-based explorer and producer of natural gas, petroleum and related hydrocarbons, filed for bankruptcy on Aug. 6, 2015. The Chapter 11 case number is 15-34221.

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