EOTT Energy's restructuring plan upheld, appeal from Shell Oil denied

By Carlise Newman

Chicago, Aug. 26 - EOTT Energy LLC announced that the bankruptcy court denied an appeal from Shell Oil Co. and certain of its affiliates, therefore upholding EOTT Energy's restructuring plan, which had been confirmed in federal bankruptcy court on Feb. 18.

EOTT Energy's Chapter 11 case is being handled by the United States District Court for the Southern District of Texas, Corpus Christi Division.

"We are pleased the judge ruled in our favor in denying Shell's appeal to unwind a restructuring plan that has essentially been fully accomplished," said Tom Matthews, EOTT's chairman and chief executive officer, in a news release.

"Our reorganization took effect on March 1. Since then, we've distributed equity units in the newly restructured company to holders of our former master limited partnership units. In addition, we have resolved virtually all of the 12,000 claims from unsecured creditors and began distributions of nearly 11 million additional equity units in August to holders of allowed unsecured claims."

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