As expected right on time, nothing new.
Entry into Restructuring Support Agreement and Solicitation of Prepackaged Plan
On April 2, 2019, after engaging in extensive, arm’s-length, good-faith negotiations, Jones Energy, Inc. and certain of its affiliates and subsidiaries and holders of approximately 84% in principal of the First Lien Notes and approximately 84% in principal of the Unsecured Notes entered into a restructuring support agreement that contemplates a comprehensive balance sheet restructuring to be implemented through a prepackaged chapter 11 plan (the “Plan”), which the Debtors commenced in the United States Bankruptcy Court for the Southern District of Texas on April 14, 2019.
On April 3, 2019, the Debtors commenced a solicitation of acceptances of the Plan from holders of claims that are eligible to vote—Class 4 (First Lien Notes Claims), Class 5 (Unsecured Notes Claims), and Class 7 (General Unsecured Claims against JEI and/or JEI, LLC). Holders of over 80% of claims in Class 4 and over 80% of the claims in Class 5 have voted in favor of the Plan in accordance with the Restructuring Support Agreement. Jones Energy expects to meet the requirements for confirmation of the Plan and to emerge from bankruptcy shortly after filing.
The Debtors will request that the Bankruptcy Court convene a hearing to approve the adequacy of the Disclosure Statement and confirm the Plan (the “Combined Hearing”) on May 6, 2019, subject to the availability of the Bankruptcy Court. For more information about the proposed restructuring and confirmation of the Plan, please refer to these documents:
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