Maxus Energy liquidation plan approved by majority of voting creditors

By Caroline Salls

Pittsburgh, May 17 – Maxus Energy Corp.’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 District of Delaware.

Specifically, both holders of $7.03 million in environmental claims for the Diamond Alkali site voted to accept the plan, as did 610 holders, of 95.31% in number, of $842.03 million, or 99.71% in amount, of general unsecured claims.

A total of 30 holders, or 4.69% in number, of $2.42 million, or 0.29% in amount, of general unsecured claims voted to reject the plan.

The plan confirmation hearing is scheduled for May 22.

Maxus is a Houston-based subsidiary of YPF, SA, a Buenos Aires petroleum and natural gas company. Maxus filed for bankruptcy on June 17, 2016 under Chapter 11 case number 16-11501.

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