Rockall Energy’s amended plan draws objection from U.S. trustee

By Sarah Lizee

Olympia, Wash., May 12 – Rockall Energy Holdings, LLC’s amended Chapter 11 plan drew an objection Wednesday from Region 6 U.S. trustee William T. Neary, according a filing with the U.S. Bankruptcy Court for the Northern District of Texas.

Neary said the plan contains impermissible exculpation and release provisions and impermissibly discharges the debtor.

The U.S. trustee also said the confirmation order should clarify that only creditors affirmatively voting in favor of the amended plan are subject to the release provisions.

It also needs to clarify the payment of quarterly fees and filing of post-confirmation quarterly reports for each debtor until either the closing, dismissal or conversion of the applicable case, Neary said.

The U.S. trustee said the confirmation order should also clarify that nothing in the plan modifies any party’s setoff or recoupment rights, and that no governmental or regulatory claims are released.

The confirmation hearing will be held on May 24.

The Dallas-based oil exploration and production company filed Chapter 11 bankruptcy on March 9 under case number 22-90000.

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