U.S. Bankruptcy Court Approves Final Azure Midstream Partners Liquidation Plan

U.S. Bankruptcy Court Approves Final Azure Midstream Partners Liquidation Plan

PR Newswire

DALLAS, May 23, 2017 /PRNewswire/ – On May 19, 2017 the United State Bankruptcy Court for the Southern District of Texas, Houston Division (the “Court”) approved Azure Midstream Partners LP,’s (the “Partnership”) Fifth Amended and Restated Plan of Liquidation (the “Plan”) filed with the Court on May 18, 2017, Case No. 17-30461. The Plan is expected to become effective on June 2, 2017.

As previously disclosed, on January 30, 2017 Azure Midstream Partners LP, together with its general partner and its direct and indirect subsidiaries (collectively, “Azure” or “Debtors”), filed voluntary petitions with the Court under chapter 11 of title 11 of the U.S. Bankruptcy Code.

As previously disclosed, on March 15, 2017 Azure entered into a purchase and sale agreement with BTA Gathering LLC (“BTA”) pursuant to which Azure sold substantially all of it business and assets to BTA.  The purchase and sale agreement was approved by the Court by sale order dated March 15, 2017. The sale closed on April 28, 2017.

The Plan provides that, upon the effective date of the Plan, all common units shall be deemed cancelled and an entity formed pursuant to the Plan (the “Azure Custodian”) shall thereafter hold a single new unit of Azure common units as custodian for the benefit of the former unitholders, consistent with such unitholders’ former relative priority and economic entitlements.

Under the terms of the Plan, a portion of the allowed, secured claims arising under the Debtors’ prepetition credit agreement (the “Secured Claims”) shall be paid following confirmation of the Debtors’ plan of reorganization.  Thereafter, the Debtors shall pay all allowed tax claims, administrative expense claims, professional fees and expenses, general unsecured claims, and any costs associated with winding down the Debtors’ estates.  After such claims have been paid in full, any remaining cash will be used to first satisfy the remainder of allowed Secured Claims.  If any cash remains in the Debtors’ estates after satisfying the prepetition Secured Claims and all other allowed claims, and after liquidating the all remaining assets of the Debtors’ estates, the Plan provides that Azure Custodian shall receive all such remaining cash, which will be distributed on a pro rata share to the common unitholders.  As previously disclosed, it is unlikely that any common unitholders will receive any distributions. 

Copies of the Plan and the Court’s order confirming the Plan are available at www.kccllc.net/azuremlp, which is accessible through the Partnership’s website at http://www.azuremidstream.com/. We urge you to monitor our press releases and these websites for important information.

Cautionary Note Regarding Forward Looking Statements

This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as “will,” “would,” “should,” “could,” “expect,” “anticipate,” “plan,” “project,” “intend,” “estimate,” “believe,” “target,” “continue,” “potential,” the negative of such terms or other comparable terminology are intended to identify forward-looking statements. These statements include, but are not limited to, the confirmation and consummation of the Plan and the Partnership’s expectations and anticipated results with respect thereto. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances, but such assumptions may prove to be inaccurate. Such statements are also subject to a number of risks and uncertainties, many of which are beyond the control of the Partnership, which may cause the Partnership’s actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks and uncertainties relating to, among other things: the ability to consummate the Plan; the ultimate receipt of proceeds and the application and distribution of proceeds, which are subject to a number of contingencies and uncertainties; and no assurance can be made that distributions will not be made if claims by creditors are less than currently anticipated or proceeds ultimately received by the partnership are greater than currently expected. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements in this press release are qualified in their entirety by these cautionary statements. Except as required by law, the Partnership undertakes no obligation and does not intend to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.

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SOURCE Azure Midstream Partners

SH 130 Restructuring Plan Approved by Court

SH 130 Restructuring Plan Approved by Court

PR Newswire

AUSTIN, Texas, May 19, 2017 /PRNewswire-USNewswire/ – SH 130 Concession Company announced that yesterday the United States Bankruptcy Court for the Western District of Texas (Austin Division) confirmed its Modified Second Amended Joint Plan of Reorganization.   This confirmation clears the way for the Company to emerge from bankruptcy with new equity partners by the end of June.

“We are pleased to have completed this important step in the bankruptcy process and look forward to emerging as a stronger company,” said Alfonso Orol, SH 130’s Chief Executive Officer.  Andy Bailey, SH 130’s incoming Chief Executive Officer said, “With the substantial support of the Steering Committee of Creditors, led by Strategic Value Partners, LLC, and The U.S. Department of Transportation’s Build America Bureau, the financial restructuring process has left the Company with significantly less leverage and an improved capital structure.  This financial stability coupled with a commitment to on-going capital improvements leaves the Company well-positioned for future growth and sustained success.”

The Plan of Reorganization provides for a restructuring of the Company’s balance sheet, as well as distributions of cash, new indebtedness, and equity to various classes of creditors and stakeholders.  Additionally, SH 130 has received Court approval to enter into a new fully committed $260 million senior secured term debt facility led by Goldman Sachs at the effective date.  Under the terms of the new facility, SH 130 emerges with a more conservative leverage profile and increased financial flexibility. 

Finally, the Company would like to recognize and thank its employees for their continuous effort and commitment.

Court documents and additional information are available through SH 130’s claims agent, Prime Clerk, at https://cases.primeclerk.com/SH130.

About SH 130

SH 130 operates and maintains Segments 5 & 6 of State Highway 130 from Mustang Ridge to Seguin, Texas. The 41-mile section of the toll road immediately south of Austin offers a speed limit of 85 MPH — the highest in the United States. The road is owned by the Texas Department of Transportation, which has leased the facility to SH 130 for 50 years. To learn more visit mysh130.com.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sh-130-restructuring-plan-approved-by-court-300460958.html


Tidewater Receives Approval Of First Day Motions


Tidewater Receives Approval Of First Day Motions

PR Newswire

NEW ORLEANS, May 19, 2017 /PRNewswire/ — Tidewater Inc. (NYSE: TDW) (“Tidewater” or the “Company”) today announced that the United States Bankruptcy Court for the District of Delaware has granted the relief requested by the Company in certain first day motions related to ordinary course business activities.  Among other things, the approved motions authorize the Company to pay prepetition employee wages and benefits without interruption, maintain its insurance programs, utilize its current cash management system, and pay undisputed prepetition obligations owed to its vendors and trade creditors in the ordinary course of business.

Jeffrey M. Platt, President and Chief Executive Officer of Tidewater, said, “With the entry of these ‘first day orders’, the Company will continue normal operations as we work to implement a comprehensive financial restructuring.  I would like to thank all of our stakeholders, including our lenders, noteholders, stockholders, employees, customers, vendors, and trade creditors for working constructively with us during this challenging time.”

Forward-Looking Statements

In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company notes that certain statements set forth in this press release provide other than historical information and are forward looking. The actual achievement of any forecasted results, or the unfolding of future economic or business developments in a way anticipated or projected by the Company, involve numerous risks and uncertainties that may cause the Company’s actual performance to be materially different from that stated or implied in the forward-looking statement. Among those risks and uncertainties, many of which are beyond the control of the Company, including, without limitation, the ability to confirm and consummate a plan of reorganization in accordance with the terms of a previously-disclosed prepackaged plan of restructuring (the “Prepackaged Plan”); risks attendant to the bankruptcy process, including the effects thereof on the Company’s business and on the interests of various constituents, the length of time that the Company might be required to operate in bankruptcy and the continued availability of working capital during the pendency of such cases; risks associated with third party motions in the bankruptcy cases, which may interfere with the ability to confirm and consummate a plan of reorganization in accordance with the terms of the Prepackaged Plan; potential adverse effects on the Company’s liquidity or results of operations; increased costs to execute the reorganization in accordance with the terms of the Prepackaged Plan; effects on the market price of the Company’s common stock and on the Company’s ability to access the capital markets; volatility in worldwide energy demand and oil and gas prices, and continuing depressed levels of oil and gas prices, without a clear indication of if, or when, prices will recover to a level to support renewed offshore exploration activities; consolidation of our customer base; fleet additions by competitors and industry overcapacity; our views with respect to the need for and timing of the replenishment of our asset base, including through acquisitions or vessel construction; changes in capital spending by customers in the energy industry for offshore exploration, field development and production; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; delays and other problems associated with vessel construction and maintenance; uncertainty of global financial market conditions and difficulty in accessing credit or capital; potential difficulty in meeting financial covenants in material debt or other obligations of the Company or in obtaining covenant relief from lenders or other contract parties; acts of terrorism and piracy; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced, or requirements that services provided locally be paid in local currency, in each case especially in higher political risk countries where we operate; foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; and the resolution of pending legal proceedings. Readers should consider all of these risk factors as well as other information contained in this press release.

Additional details about the restructuring are available on the Company’s website and at http://dm.epiq11.com/tidewater, or via the Company’s restructuring information line 844-843-0204 (toll free) or 504-597-5543 (international calls).

Tidewater is the leading provider of Offshore Service Vessels (OSVs) to the global energy industry.

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SOURCE Tidewater Inc.