The excerpt below is from the 8-k filed on 8/17/16... You can also confirm this by reviewing the reorg plan.... Bottom line is shareholders aren't getting anything. The stock though technically worthless will continue to trade OTC until the reorg plan becomes effective.
The Plan contemplates, among other things, that, upon the Effective Date:
• holders of claims arising under the Notes and certain other unsecured claims (the “General Unsecured Claims”) will each receive their pro rata share of (i) 100 percent of the New Common Stock (as defined below), subject to dilution on account of the Rights Offering (as defined below) and the Commitment Premium (as defined below) and (ii) subscription rights to participate in the Rights Offering;
• claims arising under the Debtors’ debtor-in-possession credit facility (the “DIP Facility”) described below will be paid in full from cash on hand and proceeds from the Exit Facility (as defined below) and the Rights Offering;
• claims arising under the RBL Facility will be paid in full from cash on hand and proceeds from the Exit Facility and the Rights Offering; and
• the Company’s current preferred stock and common stock will be canceled, extinguished and discharged.
