Rockdale Marcellus Files Amended Plan, Keeping Case in Chapter 11

Shale driller Rockdale Marcellus LLC will liquidate in Chapter 11 after amending its proposed plan in order to address a creditor bid to convert the case to Chapter 7.

The amended plan, filed Feb. 18, would pay in full $13.2 million in administrative claims and $1.5 million in taxes. It also would pay secured creditors in full and create a “convenience class” of unsecured creditors with claims up to $75,000, which would recover 50% of their claims.

Unsecured creditors holding claims larger than $75,000 would recover an estimated 16% of approximately $40 million in claims, according to the plan disclosures. ...