Swift Energy second amended joint plan confirmation order draws appeal

By Caroline Salls

Pittsburgh, April 14 – Swift Energy Co.’s plan of reorganization confirmation hearing was appealed Thursday by Morris Propp II and Morris Propp II Foundation, according to a notice filed with the U.S. Bankruptcy Court for the District of Delaware.

Swift Energy’s second amended joint plan was confirmed on March 31.

As previously reported, the reorganization implements a restructuring agreement that was reached with an informal group of senior noteholders before the company filed for bankruptcy.

The plan is expected to cut Swift’s debt by $905 million.

The company said when the plan was confirmed that it expected to emerge from bankruptcy by April 15.

Swift Energy is a Houston-based developer, explorer, acquirer and operator of oil and gas properties, with a focus on oil and natural gas reserves onshore in Texas and Louisiana and in the inland waters of Louisiana. It filed for bankruptcy on Dec. 31. The Chapter 11 case number is 15-12670.

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