Lilis Energy Inc. plans to distribute its bankruptcy plan for a creditor vote, leaving open the possibility of an asset sale or a debt-for-equity swap.
Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern District of Texas approved Chapter 11 plan materials during a telephonic hearing Wednesday following the company’s agreement to final disclosure revisions.
The plan and accompanying settlement provide general unsecured creditors with a recovery pool between $600,000 and $1 million, depending on the final outcome of a company sale.
Lawyers for Lilis agreed, during a Wednesday hearing at the Texas federal court, to update the ...
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