Shale Support Global plan accepted by majority of voting creditors

By Caroline Salls

Pittsburgh, Oct. 28 – Shale Support Global Holdings, LLC’s amended joint plan of reorganization was accepted by a majority of voting creditors, although one subclasses did vote to reject the plan, according to a ballot report filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

The one holder of a total of $80 million in secured term loan claims against the various Shale Support debtors voted to accept the plan.

The plan was also accepted by the one holder of $30,000 in unsecured convenience class claims against Wet Mine Assets Holding, LLC, the one holder of $36 million in general unsecured claims against Shale Support Global Holdings, the one holder of $36 million in claims against Stanton Rail Yard, LLC and the only holder of $36 million in general unsecured claims against Mine Assets Holding, LLC.

In addition, five holders, or 83.33% in number, of $61,170, or 95.36% in amount, of unsecured convenience claims against Shale Energy Support, LLC voted to accept the plan, while one holder, or 16.67% in number, of $2,977, or 4.64% in amount, of those claims voted to reject it.

A total of two holders, or 66.67% in number, of $37.4 million, or 93.37% in amount, of general unsecured claims against Shale Support Holdings voted to accept the plan, while one holder, or 33.33% in number, of $2.7 million, or 6.3% in amount, of those claims voted to reject it.

A total of five holders, or 83.33% in number, of $39.6 million, or 93.72% in amount, of general unsecured claims against Southon Rail Yard, LLC voted to accept the plan, while one holder, or 16.67% in number, of $2.7 million, or 6.28% in amount, of those claims voted to reject it.

A total of two holders, or 66.67% in number, of $36 million, or 99.63% in amount, of general unsecured claims against Drying Facility Assets Holding, LLC voted to accept the plan, while one holder, or 33.33% in number, of $133,000, or 0.37% in amount, of those claims voted to reject it.

A total of nine holders, or 81.82% in number, of $40 million, or 98.96% in amount, of general unsecured claims against Shale Energy Support, LLC voted to accept the plan, while two holders, or 18.88% in number, of $420,000, or 1.04% in amount, of those claims voted to reject it.

A total of three holders, or 75% in number, of $36.8 million, or 99.73% in amount, of general unsecured claims against Wet Mine Assets Holding voted to accept the plan, while one holder, or 25% in number, of $100,000, or 0.27% in amount, of those claims voted to reject it.

The class of convenience claims against Southon Rail Yard rejected the plan. Specifically, one holder, or 50% in number, of $308.51, or 18.97% in amount, of those claims voted to accept it, while one holder, or 50% in number of $1,318, or 81.03% in amount, voted to reject it.

The plan confirmation hearing is scheduled for Oct. 29.

Houston-based Shale Support is a provider of logistical services and frac-sand. The company filed bankruptcy on July 11 under Chapter 11 case number 19-33884.

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