Rockdale Marcellus Approved to Send Liquidation Plan for Vote

Rockdale Marcellus LLC received conditional approval to solicit creditor votes on its plan to liquidate in Chapter 11 and distribute about $21 million in cash that remains in the shale driller’s bankruptcy estate.

The amended plan and disclosure statement, approved for voting purposes Monday, would pay in full $13.2 million in administrative claims and $1.5 million in taxes. Secured creditors also would be paid in full.

A “convenience class” of unsecured creditors with claims of up to $75,000 would recover 50% of their claims. Unsecured creditors holding claims larger than $75,000 would recover about 16% of approximately $40 million ...