Foothills Resources, Inc. (fka FTRSQ)

[supraman1993]

Posted for reference

Here are the chronologicals facts :
January 29 : emergence from bankruptcy, with under the terms "publicly traded common stock, have been cancelled and no such shares remain outstanding"
February 23 : esos nevada, shares cancelled, new stock value "New Stock Value: Par Value Shares: 3,000 Value: $ 0.001 "
February 24: BEFORE opening bell, Press Release issued by company
February 24: 3 pm, stock halted
February 24: AFTER closing bell, FTRSQ appeared on daily list deletions
February 24 : AFTER closing bell, FINRA reg/sho list, with 5503709 shares shorted (total traded :19440867)
The question is : why brokers and MMs sold the unavailables shares ?Will they have to buy back ?


New amendment on esos nevada, yesterday :
Actions\Amendments

Action Type: Amended & Restated Articles
Document Number: 20100114315-48 # of Pages: 7
File Date: 2/23/2010 Effective Date:
Previous Stock Value: Par Value Shares: 275,000,000 Value: $ 0.001 No Par Value Shares: 0 ----------------------------------------------------------------- Total Authorized Capital: $ 275,000.00 New Stock Value: Par Value Shares: 3,000 Value: $ 0.001 No Par Value Shares: 0 ----------------------------------------------------------------- Total Authorized Capital: $ 3.00

http://www.otcbb.com/asp/dailylist_detail.asp?d=02/24/2010&mkt_ctg=NON-OTCBB



Foothills Resources, Inc. Completes Financial Restructuring
Recent FTRSQ News
No additional news stories are available for FTRSQ at this time.HOUSTON, Feb. 24 /PRNewswire-FirstCall/ -- Foothills Resources, Inc. (Pink Sheets: FTRSQ) (the "Company") today announced that it and its subsidiaries have completed their financial restructuring and emerged from bankruptcy protection.

"This successful financial restructuring is a significant accomplishment, and we are satisfied with the outcome," said W. Kirk Bosche, chief financial officer of the Company. Â "Thanks to the hard work and commitment of our employees, officers, directors and advisors, Foothills is now emerging from reorganization as a stronger entity and better positioned to support its operations."

The Company's emergence from bankruptcy was preceded by confirmation of the Debtors' First Amended Joint Plan of Reorganization Under Chapter 11 of the Bankruptcy Code (Modified) (the "Plan") in the U.S. Bankruptcy Court in Wilmington, Delaware on January 29, 2010.

Under the terms of the confirmed Plan:

-- The Company has a commitment for a $27,954,700 exit financing facility from one of the Company's pre-petition secured lenders. -- The exit financing facility will be used to pay down a portion of the Company's pre-petition secured debt. -- A portion of the Company's pre-petition secured debt will be exchanged for all of the equity in the restructured Company.



The Plan was supported by virtually all of the Company's creditors and interest holders, including the Company's pre-petition secured lenders, unsecured creditors, and equity interest holders. Â By application of the Plan, all of the Company's equity securities, including its publicly traded common stock, have been cancelled and no such shares remain outstanding.

Following the dramatic decline in commodity prices experienced in the second half of 2008, the Company voluntarily filed for chapter 11 bankruptcy protection in Delaware on February 11, 2009 when, as a result, it was no longer able to service its secured indebtedness and the prevailing disruption in the credit markets foreclosed any opportunity to refinance its debt other than through a reorganization proceeding. Â The Company was represented in its chapter 11 restructuring by Charles R. Gibbs and Sarah Link Schultz of Akin Gump Strauss Hauer & Feld LLP and Patrick J. Reilley of Cole, Schotz, Meisel, Forman & Leonard, P.A.