BPZ Resources, Inc (BPZ)

BPZ Resources, Inc (BPZ)

As already declared, on November 12, 2015, the Bankruptcy Court entered a request affirming the Company’s Second Amended Plan of Liquidation and Second Amended Disclosure Statement. On December 31, 2015, all conditions to the event of the viable date put forward in the Plan and the Confirmation Order were fulfilled or deferred in agreement therewith and the powerful date of the Plan happened.

On the same date, BPZ Resources, Inc (BPZ) recorded a Notice of Effective Date of the Plan with the Bankruptcy Court.

As per the Plan, the greater part of the Company’s advantages have been exchanged to a selling trust for the advantage of the Company’s leasers. Gilbert E. Nathan has been designated as the Liquidation Trustee with the end goal of liquidation and circulating the greater part of the Company’s outstanding resources for holders of permitted cases as per the terms of the Plan.

The Trust plans to make an appropriation of around $9mm to holders of selling trust interests on the viable date or as sensibly practicable from that point as dictated by the Trustee.

As an aftereffect of the Plan being successful, the majority of the Company’s value advantages, comprising of approved and extraordinary shares of basic stock, were crossed out without thought and have no worth. When practicable and as per the Plan, the Company’s corporate presence will be ended.

The Company will in no time record a Certification of Termination of Registration on Form 15 with the Securities and Exchange Commission with the end goal of ending the enrollment of its normal stock under the Securities Exchange Act of 1934, as revised (the “Trade Act”). After documenting a Form 15, the Company will quickly stop recording any further intermittent or current reports under the Exchange Act.

Share This: