White Star Petroleum plan of liquidation confirmed by court

By Caroline Salls

Pittsburgh, April 16 – White Star Petroleum Holdings, LLC’s plan of liquidation was confirmed Thursday by the U.S. Bankruptcy Court for the Western District of Oklahoma.

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 claim or another treatment that renders the claim unimpaired.

Holders of RBL secured claims will receive a share of a claim distribution until they have received cash equal to the amount of the claim.

Holders of general unsecured claims that are not deficiency claims will receive a share of an unsecured claim pool and, if litigation trust cash is available for distribution, a 50% share of that distributable cash.

Holders of RBL deficiency claims will receive a 50% share of any litigation trust distributable cash.

Equity interest holders will receive no distribution.

The company filed bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on May 28, 2019 and the case was transferred to Western Oklahoma on June 30, 2019. The Chapter 11 case number is 19-12521.

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