Energy producer All American Oil & Gas Inc. will fully pay most creditors under its proposed liquidation plan if it’s approved by a Texas bankruptcy court.
The San Antonio, Texas-based company’s Chapter 11 Plan of Liquidation, filed March 21, follows a settlement and acquisition agreement it entered with its principal secured lenders, Kern Cal Oil 7 LLC. The company’s owners could later receive a distribution from oil production royalty fees, it said.
All American, which has agreed to be acquired by Kern Cal, owns two subsidiaries—Manor Oil Inc. and Hilltop Power Inc.—that produce oil and operate an electricity generation facility. ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.