Green Field Energy plan rejected by voting general unsecured creditors

By Caroline Salls

Pittsburgh, April 17 - Green Field Energy Services, Inc.'s plan of reorganization was approved by three of four voting creditor classes, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The one holder of a $5 million Shell secured claim, all 63 holders of $241.51 million in senior noteholder claims and the one holder of a $106.33 million Shell "other" claim all voted to accept the plan.

Meanwhile, 92 holders, or 87.62% in number, of $49.62 million, or 44.36% in amount, of general unsecured claims voted to accept the plan, while 13 holders, or 12.38% in number, of $62.24 million, or 55.64% in number, of those claims voted to reject it.

Excluding the votes of insiders, 89 holders, or 88.12% in number, of $34.17 million, or 39.21% in amount of the general unsecured claims voted to accept the plan, while 12 holders, or 11.88% in number, of $52.98 million, or 60.79% in amount, of those claims voted to reject it.

Under both counts, the general unsecured class was deemed to have rejected the plan.

The plan confirmation hearing is scheduled for April 23.

Green Field is a Lafayette, La.-based energy services company that operates in the well services and hydraulic fracturing services lines. The company filed for bankruptcy on Oct. 27 under Chapter 11 case number 13-12783.

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