Echo Energy Partners I files plan of liquidation to distribute assets

By Caroline Salls

Pittsburgh, Aug. 18 – Echo Energy Partners I, LLC filed a plan of liquidation and related disclosure statement Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

The company is requesting a Sept. 29 plan confirmation hearing.

According to the disclosure statement, the plan proposes to distribute Echo’s assets, including proceeds from the sale of substantially all of its oil and gas assets, to creditors and for the reorganized debtors to liquidate remaining assets and wind down the company’s affairs.

A plan administrator will be appointed to distribute the sale proceeds and other assets.

Administrative claims, priority tax claims and other priority claims will be paid in full.

Holders of other secured claims will either be paid in full or receive the collateral securing the claim.

Holders of pre-bankruptcy lenders secured claims will receive the cash proceeds from the collateral securing their claims.

Holders of general unsecured claims will receive a share of available assets after payment of priority and senior claims and provision for amounts payable under the wind-down budget.

Interest holders will receive no recovery.

A hearing on conditional approval of the disclosure statement is scheduled for Aug. 20.

Echo is an Oklahoma City-based independent oil and gas company. The company filed bankruptcy on March 24 under Chapter 11 case number 20-31920.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.