The auction is expected to be held on Aug. 7 at 10 a.m. local time at the offices of King & Spalding LLP in Houston. Then, a sale hearing is scheduled for 3 p.m. Aug. 17 in bankruptcy court in Houston. A deal won’t be considered accepted until it’s approved by the bankruptcy court.
So it looks like gonna be just over a week anyways
rbtree is correct no matter who wins the bid... I am not saying you shouldn't flip it until the "Effective Date" but common shareholders get nothing! (99% of the time, this is always the case in Chapter 11 unless it is a pre-determined and pre-arranged bankruptcy with Debtor In Possession (DIP) financing already in place)
Case 17-33550 Document 308 Filed in TXSB on 07/06/17 Page 17/18 of 62
Class 6 — Interests in the Debtors Class 6 consists of Interests in the Debtors.
Such interests include, but are not limited to, any and all equity interests, ownership interests or shares in the Debtors issued by the Debtors prior to the Petition Date (including, without limitation, all capital stock, stock certificates, common stock, preferred stock, partnership interests, membership and other interests in a corporation or limited liability company, rights, options, warrants, contingent warrants, convertible or exchangeable securities, investment securities, subscriptions or other agreements and contractual rights to acquire or obtain such an interest or share in the Debtors, conversion rights, repurchase rights, redemption rights, dividend rights, preemptive rights and liquidation preferences, puts, calls or commitments of any character whatsoever relating to any such equity, ownership interests or shares of capital stock of the Debtors or obligating the Debtors to issue, transfer or sell any shares of capital stock) whether or not certificated, transferable, voting or denominated “stock” or a similar security, and any Claim or Cause of Action related to or arising from any of the foregoing (including those subordinated pursuant to Section 510(b) of the Bankruptcy Code).
Under the Plan, Class 6 Interests are Impaired.
Holders of Class 6 Interests in the Debtors shall not receive or retain any distribution or Property under the Plan on account of such Interests. On the Effective Date, all Interests shall be cancelled without further notice to, approval of, or action by any Entity. Estimated Percentage Recovery: 0%
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