Triad Resources' reorganization plan accepted by most voting creditors

By Caroline Salls

Pittsburgh, Jan. 25 - Triad Resources, Inc.'s plan of reorganization was accepted by a majority of voting creditors, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of Ohio.

Specifically, all five holders of $70.83 million in pre-bankruptcy lender claims, all four holders of $1.33 million in mechanics lien claims and the one holder of $481,000 in other secured claims voted to accept the plan.

In addition, 58 holders, or 90.63% in number, of $3.5 million, or 96.19% in amount, of general unsecured claims voted to accept the plan, while six holders, or 9.38% in number, of $137,170, or 3.8% in amount, of these claims voted to reject it.

The plan confirmation hearing is scheduled for Jan. 26.

Triad is a Reno, Ohio-based oil and natural gas exploration and production company focused exclusively in the Appalachian Basin. The company filed for bankruptcy on Dec. 31, 2008. The case number is 08-62733.

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