Oil and gas driller MTE Holdings LLC won approval of its plan to pay creditors and wind down in bankruptcy following an earlier, $66.8 million asset sale.
Under the plan, approved Friday after two days of court hearings, senior lien holders are expected to recover up to $27 million from the proceeds of the sale to Riverstone Holdings LLC affiliate Maple Energy Holdings LLC.
The plan creates two litigation trusts to benefit creditors of different groups of bankrupt MTE affiliates, including MDC Energy LLC, the operating company that drills in Texas’ Permian Basin. Both trusts will have the right ...
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