Alta Mesa Resources’ Kingfisher Midstream debtors file Chapter 11 plan

By Caroline Salls

Pittsburgh, March 4 – Alta Mesa Resources, Inc.’s Kingfisher Midstream, LLC debtors filed a Chapter 11 plan and related disclosure statement Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

Kingfisher said in the disclosure statement that the sale of substantially all of its assets to BCE-Mach III LLC is expected to close on March 9.

According to the disclosure statement, a portion of the sale proceeds will be distributed to the Kingfisher lenders. The purpose of the plan is to distribute the remaining proceeds following closing of the sale and the liquidation of any remaining Kingfisher assets.

The Kingfisher debtors’ estates will be wound down in accordance with the plan.

Kingfisher said the debtors do not expect there to be any value from encumbered assets in excess of the amounts needed to pay credit agreement and adequate protection claims or unencumbered assets available to pay general unsecured claims.

A plan administrator will be appointed to implement all plan provisions.

Under the plan, priority claims will be paid in full in cash.

Other secured claims will be paid in full in cash or holders will receive the collateral securing the claims.

Holders of credit agreement claims will receive a share of cash available for distribution.

Holders of general unsecured claims will receive no distribution.

Intercompany interests will be cancelled.

Alta Mesa is an onshore oil and gas company based in Houston. It filed for bankruptcy on Sept. 11. The Chapter 11 case number is 19-35133.

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