Linc USA plan of liquidation accepted by majority of voting creditors

By Caroline Salls

Pittsburgh, Feb. 8 – Linc USA GP’s plan of liquidation was accepted by a majority of voting creditors, according to a ballot report filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

All 21 holders of $124.67 million in first-lien notes claims voted to accept the plan.

In addition, 28 holders, or 66.67% in number, of $190.72 million, or 88.05% in amount, of second-lien notes claims voted to accept the plan, while 14 holders, or 33.33% in number, of $25.88 million, or 11.95% in amount, of those claims voted to reject it.

Finally, 80 holders, or 98.77% in number, of $3.03 million, or 98.39% in amount, of general unsecured claims voted to accept the plan, while one holder, or 1.23% in number, of $49,679, or 1.61% in amount, of those claims voted to reject it.

The plan confirmation hearing is scheduled for Monday.

Linc Energy is a Brisbane, Australia-based energy producer with a commodity portfolio including oil, gas, shale and coal. Its U.S. subsidiaries filed for bankruptcy on May 19, 2016 under Chapter 11 case number 16-32689.

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