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EDGE PETROLEUM CORP
|
8-K
Dec 18, 4:12 PM ET
EDGE PETROLEUM CORP 8-K
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Contents
299
ARTICLE I
DEFINED TERMS, RULES OF INTERPRETATION, AND COMPUTATION OF TIME
Section 1.01 Scope of Defined Terms; Rules of Construction
Section 1.02 Defined Terms
(1) “Acquired Assets” means the Equity Interests or such assets of the Debtors that are purchased by the Purchaser pursuant to the Bidding Procedures and the Sale Order or the Confirmation Order.
(2) “Administrative Claim(s)” means a Claim(s) for costs and expenses of administration pursuant to Bankruptcy Code sections 503(b), 507(a)(2), 507(b), or 1114(e)(2), including: (a) the actual and necessary costs and expenses incurred after the Petition Date and through the Effective Date of preserving the Estates and operating the businesses of the Debtors (such as wages, salaries, or commissions for services, and payments for goods and other services and leased premises); (b) all fees and charges assessed against the Estates pursuant to section 1930 of chapter 123 of Title 28 of the United States Code; (c) all Allowed Professional Fee Claims; (d) any Cure Costs; and (e) all Claims for compensation or expense reimbursement for making a substantial contribution in the Chapter 11 Cases pursuant to Bankruptcy Code sections 503(b)(3), (4), and (5) Allowed by the Bankruptcy Court.
(3) “Administrative Claims Bar Date” has the meaning set forth in Section 12.01(a) of the Plan.
(4) “Administrative and Priority Claims Reserve” means a reserve in the amount of the sum of (a) all budgeted expenses (including Professional Fees) set forth in the Cash Collateral Budget which have been incurred and are unpaid as of the Closing, (b) all Cure Costs incurred after the Effective Time (as defined in the Purchase Agreement) to the extent that they result in an increase in the purchase price to be paid at Closing by the Purchaser pursuant to the Purchase Agreement, and (c) $6,000,000, which amount shall be provided to the Liquidating Trust by the Debtors, and in certain cases, the Purchaser, pursuant to Section 4.07(b) of the Plan for the payment of Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Priority Non-Tax Claims and Allowed Other Secured Claims as provided herein. To the extent any such Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Priority Non-Tax Claims or Allowed Other Secured Claims are paid before the Administrative and Priority Claims Reserve is so provided to the Liquidating Trust, the amount of the Administrative and Priority Claims Reserve provided to the Liquidating Trust shall be reduced by the amount of such Claims so paid previously.
(5) “Affiliate” has the meaning set forth in Bankruptcy Code section 101(2). For purposes of Article XII of the Plan and the definition of Related Person, an Affiliate of a Person shall also include another Person controlling, controlled by or under common control with such first Person. For purposes of this definition, “control” means, when used with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract, or otherwise, and the terms “controlling” and “controlled” have correlative meanings.
(6) “Allowed” means with reference to any Claim or Interest: any Claim or Interest or any portion thereof (a) as to which no objection to allowance or request for estimation has been interposed on or before the latter of (i) the Claims Objection Deadline or (ii) the expiration of such other applicable period of limitation fixed by the Bankruptcy Code, the Bankruptcy Rules, or the Bankruptcy Court, or is listed on the Schedules as liquidated, non-contingent and undisputed; (b) as to which any objection to its allowance has been settled, waived through payment or withdrawn, as permitted herein, or denied by a Final Order; (c) as to which liability of the Debtors and the amount thereof has been determined and expressly allowed by a Final Order; (d) as to which the liability of the Debtors and the amount thereof are determined and expressly allowed by final order of a court of competent jurisdiction other than the Bankruptcy Court; or (e) that is expressly deemed allowed in a liquidated amount in the Plan; provided,
however, that with respect to an Administrative Claim, “Allowed Administrative Claim” means an Administrative Claim as to which a timely request for payment has been made in accordance with Section 12.01 of this Plan (if such written request is required) or other Administrative Claim, in each case as to which the Debtors, Union or the Liquidating Trustee (1) have not interposed a timely objection or (2) have interposed a timely objection and such objection has been settled, waived through payment or withdrawn, as permitted herein, or denied by a Final Order.
(7) “Auction” means the Bankruptcy Court ordered event by which competing bids are obtained for the Acquired Assets as contemplated by the Bidding Procedures and Sale Motion.
(8) “Avoidance Actions” means any and all actual or potential claims or Causes of Action to avoid a transfer of property or an obligation incurred by the Debtors pursuant to any applicable section of the Bankruptcy Code, including sections 544, 545, 547, 548, 549, 550, 551, 553(b), and 724(a).
(9) “Ballot” means the document for accepting or rejecting the Plan, in the form approved by the Bankruptcy Court.
(10) “Bankruptcy Code” means the Bankruptcy Reform Act of 1978, as codified in title 11 of the United States Code, 11 U.S.C. §§ 101-1532, as in effect on the Petition Date as heretofore or hereafter amended.
(11) “Bankruptcy Court” means the United States Bankruptcy Court for the Southern District of Texas, Corpus Christi Division.
(12) “Bankruptcy Rules” means, collectively, the Federal Rules of Bankruptcy Procedure and the Official Bankruptcy Forms, as amended, the Federal Rules of Civil Procedure, as amended, as applicable to the Chapter 11 Cases or proceedings therein, and the Local Rules of the Bankruptcy Court, as applicable to the Chapter 11 Cases or proceedings therein, as the case may be.
(13) “Bar Date(s)” means the applicable date(s) designated by the Bankruptcy Court as the last date for Filing proofs of Claims or Interests in the Chapter 11 Cases of the respective Debtors.
(14) “Bidding Procedures” means those certain Bidding Procedures approved pursuant to the Bidding Procedures Order.
(15) “Bidding Procedures and Sale Motion” means that certain Debtors’ Motion for (A) Entry of an Order (I) Approving Bidding Procedures in Connection with the Sale of the Debtors’ Property, (II) Scheduling Bidding Deadline, Auction Date and Sale Hearing Date, (III) Approving Form and Notice Thereof, and (B) Entry of an Order After the Sale Hearing (I) Authorizing the Debtors to Sell Their Property, (II) Authorizing the Debtors to Assume and Assign Certain Executory Contracts and Unexpired Leases and (III) Granting Related Relief Filed on October 1, 2009.
(16) “Bidding Procedures Order” means that certain Order Approving Debtors’ Motion for Entry an Order (I) Approving Bidding Procedures in Connection with the Sale of the Debtors’ Property, (II) Scheduling Bidding Deadline, Auction Date and Sale Hearing Date, (III) Approving Form and Notice Thereof, which was entered by the Bankruptcy Court on October 5, 2009.
(17) “Business Day” means any day, excluding Saturdays, Sundays or “legal holidays” (as defined in Bankruptcy Rule 9006(a)), on which commercial banks are open for business in New York, New York.
(18) “Cash” means legal currency of the United States of America or equivalents thereof, including bank deposits and checks.
(19) “Cash Collateral Budget” means the budget approved as part of any cash collateral order entered in the Bankruptcy Cases.
(20) “Causes of Action” means all actions, causes of action, liabilities, obligations, rights, suits, damages, judgments, remedies, demands, setoffs, defenses, recoupments, crossclaims, counterclaims, third-party claims, indemnity claims, contribution claims, or any other claims whatsoever, whether known or unknown, matured or unmatured, fixed or contingent, liquidated or unliquidated, disputed or undisputed, suspected or unsuspected, foreseen or unforeseen, direct or indirect, choate or inchoate, existing or hereafter arising, in law, equity, or otherwise, based in whole or in part upon any act or omission or other event occurring prior to the Petition Date or during the course of the Chapter 11 Cases, including through the Effective Date.
(21) “Chapter 11 Case(s)” means (a) when used in reference to a particular Debtor or group of Debtors, the chapter 11 case pending for that Debtor or particular group of Debtors in the Bankruptcy Court, and (b) when used in reference to all of the Debtors, the above-captioned procedurally consolidated chapter 11 cases pending for the Debtors in the Bankruptcy Court.
(22) “Claim” means a claim, whether or not asserted or Allowed, as defined in Bankruptcy Code section 101(5).
(23) “Claims Agent” means Kurtzman, Carson Consultants, employed and retained by the Debtors pursuant to an order of the Bankruptcy Court, as claims, noticing, and balloting agent.
(24) “Claims Objection Deadline” means the first Business Day which is at least 180 days after the Effective Date, or such later date as may be established by the Bankruptcy Court in accordance with Section 7.01(b) of the Plan.
(25) “Class” means a category of Claims or Interests as set forth in Article III below pursuant to Bankruptcy Code section 1122.
(26) “Closing” means the closing of the sale of the Acquired Assets to the Purchaser in accordance with the Sale Order or the Confirmation Order.
(27) “Collateral” means any property or interest in property of the Debtors’ Estates subject to a Lien to secure the payment or performance of a Claim, which Lien is not subject to avoidance under the Bankruptcy Code or otherwise invalid under the Bankruptcy Code or applicable state law.
(28) “Committee” means the official committee of unsecured creditors, if any, appointed pursuant to Bankruptcy Code section 1102(a) in the Chapter 11 Cases.
(29) “Confirmation” means entry by the Bankruptcy Court of the Confirmation Order on the docket of the Chapter 11 Cases.
(30) “Confirmation Date” means the date on which the Confirmation Order is entered on the docket in the Chapter 11 Cases within the meaning of Bankruptcy Rules 5003 and 9021.
(31) “Confirmation Hearing” means the hearing held by the Bankruptcy Court to consider Confirmation of the Plan pursuant to Bankruptcy Code section 1129, as such hearing may be continued from time to time.
(32) “Confirmation Order” means the order entered by the Bankruptcy Court confirming the Plan pursuant to Bankruptcy Code section 1129.
(33) “Consummation” means the occurrence of the Effective Date, which shall take place simultaneously with the completion of the Closing.
(34) “Conversion Transaction” means, to the extent required under the Purchase and Sale Agreement, the conversion of one or more Subsidiaries to single member limited liability companies organized under the laws of the State of Delaware or any other State.
(35) “Credit Agreement” means the Fourth Amended and Restated Credit Agreement dated as of January 31, 2007 among Edge, the financial institutions party thereto from time to time, and Union as administrative agent and as issuing lender, as amended.
(36) “Creditor” means any Person who holds a Claim against any Debtor.
(37) “Cure Costs” means all costs required of a Debtor to cure any and all defaults including pecuniary losses, pursuant to Bankruptcy Code section 365, of such Debtor arising under any executory contract to which such Debtor is a party, or any unexpired lease to which such Debtor is a party.
(38) “Debtor(s)” means individually or collectively the following debtors and debtors in possession: Edge, EPEC, Miller, EPOC, EPPC, and Miller Oil.
(39) “Disallowed Claim” means all or such part of a Claim that is disallowed by a Final Order of the Bankruptcy Court or other court of competent jurisdiction.
(40) “Disclosure Statement” means the Disclosure Statement for the Debtors’ Joint Plan of Reorganization dated as of October 1, 2009, as the same may be amended, modified or supplemented from time to time, including all exhibits and schedules thereto, that is prepared and distributed in accordance with the Bankruptcy Code, the Bankruptcy Rules, and any other applicable law, and which shall be in form and substance acceptable to Union.
(41) “Disputed” means, in reference to a Claim or Interest, any Claim or Interest not otherwise Allowed or paid pursuant to the Plan or an order of the Bankruptcy Court (a) which has been or hereafter is listed on the Schedules as unliquidated, contingent, or disputed, and which has not been resolved by written agreement of the parties (or, in the case of Administrative Claims, Priority Tax Claims, Priority Non-Tax Claims or Other Secured Claims, which has not been resolved by written agreement of the parties and Union) or an order of the Bankruptcy Court with respect to which Union has had notice and an opportunity to object; (b) proof of which was required to be Filed but as to which a Proof of Claim or Interest was not timely or properly Filed; (c) proof of which was timely and properly Filed and which has been or hereafter is listed on the Schedules as unliquidated, disputed, or contingent; (d) that is disputed in accordance with the provisions of this Plan; or (e) as to which the Debtors or Reorganized Edge, as applicable, or Union or the Liquidating Trustee have interposed a timely objection or request for estimation in accordance with the Bankruptcy Code, the Bankruptcy Rules, and any orders of the Bankruptcy Court, or is otherwise disputed by the Debtors or Reorganized Edge, as
applicable, or Union or the Liquidating Trustee in accordance with applicable law, which objection, request for estimation, or dispute has not been withdrawn or determined by a Final Order; provided, however, that for purposes of determining whether a particular Claim is a Disputed Claim prior to the expiration of any period of limitation fixed for the interposition by the Debtors or Union or the Liquidating Trustee of objections to the allowance of Claims, any Claim that is not an Allowed Claim shall be deemed Disputed.
(42) “Distribution Date” means the date, occurring as soon as practicable after the Effective Date, upon which distributions are made pursuant to the terms of the Plan to Holders of Allowed Administrative Claims, and other Allowed Claims (other than the Union Secured Claim); provided, however, that should such Allowed Claims be paid in the ordinary course of business, the Distribution Date shall be the date such Allowed Claim becomes payable under the terms of any contract or agreement or applicable non-bankruptcy law.
(43) “Distribution Record Date” has the meaning set forth in Section 5.08 of the Plan.
(44) “Edge” means Edge Petroleum Corporation, the Debtor in Case No. 09-20644, pending in the Bankruptcy Court.
(45) “Effective Date” means the Business Day on which all conditions set forth in Section 8.02 of the Plan have been satisfied or waived as permitted hereunder.
(46) “Employee Benefit Plans” means any employment, compensation, pension, welfare, healthcare, bonus, incentive compensation, sick leave and other leave, vacation pay, expense, reimbursement, dependent care, retirement, savings, deferred compensation, supplemental pension, retention, workers compensation, life insurance, disability, dependent care, dependent healthcare, education, severance or other compensation or benefit plan, agreement or arrangement for the benefit of the current or former directors, offices or employees (whether salaried or hourly, active or retired) of the applicable Debtor.
(47) “Entity” has the meaning set forth in Bankruptcy Code section 101(15).
(48) “EPEC” means Edge Petroleum Exploration Company, the Debtor in Case No. 09-20643, pending in the Bankruptcy Court.
(49) “EPOC” means Edge Petroleum Operating Company, Inc., the Debtor in Case No. 09-20646, pending in the Bankruptcy Court.
(50) “EPPC” means Edge Petroleum Production Company, the Debtor in Case No. 09-20645, pending in the Bankruptcy Court.
(51) “Equity Interests” means (a) all of the common stock of the Subsidiaries to be sold to the Purchaser pursuant to the Purchase and Sale Agreement, or (b) all of the limited liability company interests of each Subsidiary whose Equity Interests are to be sold to the Purchaser that has been converted into a limited liability company if required by the Purchase and Sale Agreement. Any limited liability company interests issued to Edge or a Subsidiary in such conversion shall be extinguished, cancelled and discharged as of the Effective Date as provided in the treatment for Interests in Classes B5, C5, D5, E5 and F5.
(52) “Estate(s)” means individually or collectively the estate created for such Debtor in its Chapter 11 Case pursuant to Bankruptcy Code section 541.
(53) “Exhibit” means an exhibit annexed either to the Plan or the Disclosure Statement or Filed as part of the Plan Supplement.
(54) “File, Filed or Filing” means file, filed or filing with the Bankruptcy Court or its authorized designee in the Chapter 11 Cases.
(55) “Final Order” means (i) an Order of the Bankruptcy Court as to which the time to appeal, petition for certiorari or motion for re-argument or rehearing has expired and as to which no appeal, petition for certiorari or other proceedings or motion for re-argument or rehearing shall then be pending or (ii) if an appeal, writ of certiorari, motion for re-argument or rehearing thereof has been Filed or sought, such order of the Bankruptcy Court shall not have been stayed.
(56) “General Unsecured Claim” means any Claim that is not Secured, entitled to priority under the Bankruptcy Code, or a Subordinated Equity Securities Claim.
(57) “Gifted Amount” means Cash in the amount of $350,000 to be transferred by the Purchaser to the Liquidating Trust as provided in Sections 4.02 and 4.07(d) of the Plan, but which would otherwise be distributed to Union on account of the Allowed Union Secured Claim.
(58) “Gifted Fund” means the account set up to receive the Gifted Amount.
(59) “Governance Documents” means any certificate of formation, bylaws, limited liability company agreements (or any other formation and organizational documents) of the Debtors in effect as of the Petition Date.
(60) “Holder” means the beneficial holder of any Claim or Interest.
(61) “Impaired” means, when used with reference to a Claim or Interest, a Claim or Interest that is impaired within the meaning of Bankruptcy Code section 1124.
(62) “Interests” or “Interest” means the interest of any holder of equity securities in any of the Debtors represented by any issued and outstanding common stock, preferred interests or other instrument evidencing a present ownership interest in any of the Debtors prior to the Effective Date (including prior to the Petition Date), whether or not transferable, any restricted stock units, calls, rights, puts, awards, commitments, repurchase rights, unvested or unexercised options, warrants, unvested common interests, unvested preferred interests or any other agreements of any character related to the common or preferred interests of any of the Debtors, obligating any of the Debtors to issue, transfer, purchase, redeem, or sell any equity interests or other equity securities, any rights under any equity incentive plans, voting agreements and registration rights agreements regarding equity securities of any of the Debtors, any claims arising from the rescission of a purchase, sale or other acquisition of any outstanding common interests or preferred interests or other equity securities (or any right, claim, or interest in and to any common interests, preferred interests or other equity securities) of any of the Debtors, any claims for the payment of any distributions with respect to any common or preferred interests of any of the Debtors, and any claims for damages or any other relief arising from the purchase, sale, or other acquisition of any of the Debtors’ outstanding common interests, preferred interests or other equity securities, however evidenced but specifically excluding “Equity Interests” sold to the Purchaser pursuant to the Purchase and Sale Agreement.
(63) “Lenders” mean the lenders under the Credit Agreement.
(64) “Lien” means a charge against or interest in property to secure payment of a debt or performance of an obligation.
(65) “Liquidating Trust” shall mean the entity created pursuant to Section 4.07 of the Plan.
(66) “Liquidating Trust Agreement” means the Liquidating Trust Agreement approved and entered into in accordance with the Plan pursuant to which the Liquidating Trust will be established and administered.
(67) “Liquidating Trustee” shall mean Robert E. Ogle or any other Person subsequently appointed in accordance with the Plan and the Liquidating Trust Agreement to oversee and administer the Liquidating Trust.
(68) “Miller Oil” means Miller Oil Company, the Debtor in Case No. 09-20647, pending in the United States Bankruptcy Court.
(69) “Miller” means Miller Exploration Company, the Debtor in Case No. 09-02648, pending in the United States Bankruptcy Court.
(70) “Net Proceeds” means all proceeds received from the sale, disposition, collection or other monetization of any Other Asset, less reasonable and customary out-of-pocket expenses incurred by the Liquidating Trustee in connection with such sale, disposition, collection or other monetization.
(71) “New Edge Stock” means 100% of the new equity interests in Reorganized Edge.
(72) “Other Assets” has the meaning set forth in Section 4.01 of the Plan.
(73) “Other Secured Claim” means any Secured Claim against any Debtor other than the Union Secured Claim.
(74) “Person” means an individual, corporation, general or limited partnership, limited liability company, trust, liquidating trust, incorporated or unincorporated association, joint venture, joint stock company, government (or an agency or political subdivision thereof) or other entity of any kind.
(75) “Petition Date” means the date or dates on which each of the respective Debtors Filed their voluntary petitions for relief under chapter 11 of the Bankruptcy Code.
(76) “PGP” means PGP Gas Supply Pool No. 3 LLC.
(77) “Plan Distribution” means the payment or distribution under the Plan of Cash, assets, securities or instruments evidencing an obligation under the Plan or other property of any nature to any Holder of an Allowed Claim.
(78) “Plan Supplement Filing Date” means the date the Debtors File the Plan Supplement, which date shall not be later than ten (10) days prior to the Voting Deadline (except as may be otherwise agreed to by the Debtors, Union, and the Committee, if any).
(79) “Plan Supplement” means any supplement to the Plan, and the compilation of documents and forms of documents and Exhibits to the Plan, as amended, modified or supplemented from time to time, to be Filed by the Debtors as permitted herein on or before the Plan Supplement Filing Date.
(80) “Plan Support Agreement” means the Plan Support and Lock-Up Agreement Relating to Edge Petroleum Corporation entered into between the Debtors, Union and the other Supporting Lenders (as defined therein) dated as of September 30, 2009.
(81) “Plan” means this Joint Plan of Reorganization, including any Exhibits and all supplements, appendices and schedules thereto, either in its present form or as the same may be altered, amended, modified or supplemented from time to time as permitted herein and in accordance with the provisions of the Bankruptcy Code and the terms hereof.
(82) “Potential Bidder” means any Person who wishes to participate in the bidding process.
(83) “Prepaid JOA Funds” means Cash paid to any Debtor (in their capacity as operator with respect to operated properties) as prepayments for non-operators share of items under operating agreements for which payment has not been made by any Debtor as of the Closing.
(84) “Priority Non-Tax Claims” means any Claim other than an Administrative Claim or a Priority Tax Claim, entitled to priority in payment as specified in Bankruptcy Code section 507(a).
(85) “Priority Tax Claim” means a Claim that is entitled to priority pursuant to Bankruptcy Code section 507(a)(8).
(86) “Pro Rata” means that proportion that a Claim or Interest in a particular Class bears to the aggregate amount of all Claims or Interests in such Class except in cases where Pro Rata is used in reference to multiple Classes in which case, Pro Rata means the proportion that a Claim or Interest in a particular Class bears to the aggregate amount of all Claims in such multiple Classes.
(87) “Professional” means any professional (a) employed in the Chapter 11 Cases pursuant to Bankruptcy Code sections 327, 328 or 1103 and to be compensated for services rendered pursuant to Bankruptcy Code sections 327, 328, 329, 330 or 331, or (b) seeking compensation and reimbursement pursuant to Bankruptcy Code section 503(b)(4).
(88) “Professional Fee Claim” means a Claim of a Professional for compensation or reimbursement of expenses relating to services after the Petition Date through the Effective Date.
(89) “Proof of Claim (or Interest)” means the proof of claim (or interest) that must be Filed by a Holder of a Claim (or Interest) by the date(s), if any, designated by the Bankruptcy Court as the last date(s) for Filing proofs of claim against or interests in the Debtors.
(90) “Purchase and Sale Agreement” means the agreement for the purchase and sale of the Acquired Assets between some or all of the Debtors and the Purchaser, which agreement, if the Stalking Horse Bidder is the Purchaser, will be the Purchase and Sale Agreement, as may be amended pursuant to the terms thereof, entered into between the Debtors and PGP dated September 30, 2009.
(91) “Purchaser” means the Person or group that is the successful bidder under the Bidding Procedures and that purchases the Equity Interests or the Acquired Assets pursuant to the Sale Order or the Confirmation Order.
(92) “Qualified Bidder” means a Potential Bidder who has met the prerequisites to become a qualified bidder set forth in the Bidding Procedures.
(93) “Related Persons” means, with respect to any Person, such Person’s predecessors, successors and assigns (whether by operation of law or otherwise) and their respective present and former Affiliates and each of their respective current and former members, partners, equity-
holders, officers, directors, employees, managers, shareholders, partners, financial advisors, attorneys, accountants, investment bankers, consultants, agents and professionals, each acting in such capacity, and any Person claiming by or through any of them (including their respective officers, directors, managers, shareholders, partners, employees, members and professionals).
(94) “Released Parties” means, collectively, each of the Debtors, Reorganized Edge, the Reorganized Subsidiaries, the Committee (if any), Union, the Lenders, the Purchaser and each of their respective Related Persons.
(95) “Reorganized Edge” means Edge subsequent to Consummation.
(96) “Reorganized Subsidiaries” means each of the Subsidiaries whose Equity Interests are sold to the Purchaser, subsequent to Consummation.
(97) “Retained Funds” means any Prepaid JOA Funds or Suspense Funds which at Closing are required pursuant to the Purchase and Sale Agreement either to be (i) in a Debtor whose Equity Interests are sold to the Purchaser or (ii) delivered by Edge to the Purchaser.
(98) “Sale Order” means that certain Order Approving Debtors’ Motion for Entry of an Order After the Sale Hearing (I) Authorizing the Debtors to Sell Their Property, (II) Authorizing the Debtors to Assume and Assign Certain Executory Contracts and Unexpired Leases and (III) Granting Related Relief, entered by the Bankruptcy Court, which may be the same as the Confirmation Order.
(99) “Schedules” means the schedules of assets and liabilities and statements of financial affairs Filed by the Debtors pursuant to Bankruptcy Code section 521 and Bankruptcy Rule 1007(b), as such schedules or statements may be amended or supplemented from time to time as permitted hereunder in accordance with Bankruptcy Rule 1009 or orders of the Bankruptcy Court.
(100) “Secured” means, when referring to a Claim: (a) secured by a Lien on property in which the Estate has an interest, which Lien is valid, perfected, and enforceable pursuant to applicable law or by reason of a Bankruptcy Court order, or that is subject to setoff pursuant to Bankruptcy Code section 553, to the extent of the value of the Creditor’s interest in the Estate’s interest in such property or to the extent of the amount subject to setoff, as applicable, as determined pursuant to Bankruptcy Code section 506(a); or (b) Allowed pursuant to the Plan as a Secured Claim.
(101) “Seller Retained Funds” shall have the meaning set forth in the Purchase and Sale Agreement.
(102) “Securities Act” means the Securities Act of 1933, 15 U.S.C. §§ 77a-77aa, as now in effect or hereafter amended.
(103) “Stalking Horse Bidder” has the meaning set forth in the Bidding Procedures.
(104) “Subordinated Equity Securities Claim” means a Claim, if any, subject to subordination under Section 510(b) of the Bankruptcy Code, including without limitation, any Claim that arises from the rescission of a purchase or sale of an equity interest, or for damages arising from the purchase or sale of such a security, or for reimbursement, indemnification, or contribution allowed under Bankruptcy Code section 502 on account of such Claim.
(105) “Subsidiary” means a Debtor other than Edge.
(106) “Supporting Lenders” has the meaning set forth in the Plan Support Agreement.
(107) “Suspense Funds” means any Cash received by Edge (in its capacity as operator with respect to operated properties) in “suspense” and held by Edge at Closing.
(108) “Transfer” shall mean the sale of the Equity Interests or the Acquired Assets to the Purchaser pursuant to the Sale Order or the Confirmation Order.
(109) “Unclaimed Property” has the meaning set forth in Section 5.03 of the Plan.
(110) “Unimpaired” means a Claim or Interest that is not Impaired.
(111) “Union” shall mean Union Bank, N.A. (formerly known as Union Bank of California, N.A.), as administrative agent and issuing lender under the Credit Agreement.
(112) “Union Secured Claim” shall mean all Claims arising under the Credit Agreement.
(113) “Unsold Assets” has the meaning set forth in Section 4.07 of the Plan.
(114) “Voting Deadline” means the date by which a Creditor or Interest Holder must deliver a Ballot to accept or reject the Plan as set forth in the order of the Bankruptcy Court approving the instructions and procedures relating to the solicitation of votes with respect to the Plan.
Section 1.03 Rules of Interpretation
Section 1.04 Computation of Time
Section 1.05 Reference to Monetary Figures
Section 1.06 Exhibits and Plan Supplement
Section 1.07 Deemed Acts
ARTICLE II
UNCLASSIFIED CLAIMS (NOT ENTITLED TO VOTE ON THE PLAN)
Section 2.01 Administrative Claims
Section 2.02 Priority Tax Claims
ARTICLE III
CLASSIFICATION AND TREATMENT OF CLAIMS AND INTERESTS
Section 3.01 Introduction
Section 3.02 Voting; Presumptions
(a) Acceptance by Impaired Classes
(b) Voting Presumptions
Section 3.03 Edge
(a) Class A1: Priority Non-Tax Claims
(b) Class A2: Union Secured Claim
(c) Class A3: Other Secured Claims
(d) Class A4: General Unsecured Claims
(e) Class A5: Interests
Section 3.04 EPEC
(a) Class B1: Priority Non-Tax Claims
(b) Class B2: Union Secured Claim
(c) Class B3: Other Secured Claims
(d) Class B4: General Unsecured Claims
(e) Class B5: Interests
Section 3.05 Miller
(a) Class C1: Priority Non-Tax Claims
(b) Class C2: Union Secured Claim
(c) Class C3: Other Secured Claims
(d) Class C4: General Unsecured Claims
(e) Class C5: Interests
Section 3.06 EPOC
(a) Class D1: Priority Non-Tax Claims
(b) Class D2: Union Secured Claim
(c) Class D3: Other Secured Claims
(d) Class D4: General Unsecured Claims
(e) Class D5: Interests
Section 3.07 EPPC
(a) Class E1: Priority Non-Tax Claims
(b) Class E2: Union Secured Claim
(c) Class E3: Other Secured Claims
(d) Class E4: General Unsecured Claims
(e) Class E5: Interests
Section 3.08 Miller Oil
(a) Class F1: Priority Non-Tax Claims
(b) Class F2: Union Secured Claim
(c) Class F3: Other Secured Claims
(d) Class F4: General Unsecured Claims
(e) Class F5: Interests
Section 3.09 One Satisfaction of Union Secured Claim
ARTICLE IV
MEANS FOR IMPLEMENTATION OF THE PLAN
Section 4.01 Sale of the Acquired Assets
Section 4.02 The Gifted Amount
Section 4.03 No Substantive Consolidation
Section 4.04 Continued Corporate Existence
Section 4.05 Cancellation of Existing Secured Claims
Section 4.06 Directors and Officers
Section 4.07 Creation of Liquidating Trust
(a) The Liquidating Trust shall be governed by the Liquidating Trust Agreement. The initial Liquidating Trustee shall be Robert E. Ogle. The salient terms of the employment of the Liquidating Trustee, including duties and compensation, to the extent not set forth in the Plan, shall be set forth in the Liquidating Trust Agreement or the Confirmation Order. The Liquidating Trust Agreement shall contain provisions customary to liquidating trust agreements utilized in comparable circumstances. The Liquidating Trust and the Liquidating Trustee shall be bound by the Plan and shall not challenge any provision of the Plan. The Liquidating Trust Agreement shall be filed as an exhibit to the Plan Supplement, and its express terms shall govern distributions thereunder.
(b) On the Effective Date and contemporaneously with the Closing, the Debtors will transfer to the Liquidating Trust from their Cash the Administrative and Priority Claims Reserve for the benefit of the Holders of Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Priority Non-Tax Claims and Allowed Other Secured Claims (and, to the extent of any surplus from such reserve after the payment of such Allowed Claims, for the benefit of Union). If the amount of the Debtors’ Cash at such time is less than the Administrative and Priority Claims Reserve, the shortfall shall be transferred by the Purchaser to the Liquidating Trust as provided in Section 4.01 for the benefit of the Persons described above. From time to time the Liquidating Trustee will make distributions to the Holders of the Allowed Administrative Claims (including Allowed Cure Costs in the amounts determined as set forth in Section 6.02 of the Plan), Allowed Priority Tax Claims, Allowed Priority Non-Tax Claims and Allowed Other Secured Claims (i) from the Administrative and Priority Claims Reserve and (ii) from the Gifted Amount and the resolution of Avoidance Actions if the Administrative and Priority Claims Reserve is insufficient to pay all such Claims. If there is any amount remaining after the payment of all Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Priority Non-Tax Claims and Allowed Other Secured Claims, such remaining amount shall be promptly transferred by the Liquidating Trust to Union.
(c) On the Effective Date, the Gifted Amount shall be transferred to the Liquidating Trust by the Purchaser, as described in Section 4.02 of the Plan, and the Avoidance Actions and all associated residual liabilities shall be transferred to the Liquidating Trust by the Debtors. The Gifted Amount and the Avoidance Actions shall be held in the Liquidating Trust for the benefit of the Holders of Allowed Claims in Classes A4, B4, C4, D4, E4 and F4, which are the Allowed General Unsecured Claims, and, to the extent that the Administrative and Priority Claims Reserve is insufficient to pay all Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Priority Non-Tax Claims and Allowed Other Secured Claims, for the benefit of the holders of such Claims. The Liquidating Trustee will seek to resolve the Avoidance Actions in the interest of the Holders of all such Claims. From time to time the Liquidating Trustee will make distributions to the Holders of Allowed General Unsecured Claims from the Gifted Amount and the resolution of Avoidance Actions, but leaving enough undistributed to assure the payment of all Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Priority Non-Tax Claims and Allowed Other Secured Claims if the Administrative and Priority Claims Reserve is insufficient to pay all such Claims.
(d) On the Effective Date and contemporaneously with the Closing, Reorganized Edge shall transfer to the Liquidating Trust for the benefit of Union all of the Other Assets (other than the Avoidance Actions). The Liquidating Trustee shall, in an expeditious but orderly manner, monetize and convert the Other Assets to Cash and make timely distributions thereof to Union, and not unduly prolong the duration of Reorganized Edge. In so doing, the Liquidating Trustee shall exercise its reasonable business judgment in monetizing the Other Assets to maximize recoveries. The monetization of the Other Assets may be accomplished through the sale or other monetization of such Assets (in whole or in combination) all as the Liquidating Trustee may determine is in the best interests of Union. The Liquidating Trustee shall consult regularly with Union with respect to the monetization of the Other Assets. Prior to selling or monetizing any Other Asset, the Liquidating Trustee shall give written notice to Union of the terms, conditions and consideration for, and the Other Assets to be sold or monetized in, the proposed transaction. If Union does not object to such proposed transaction within five (5) Business Days after receipt of such notice, the Liquidating Trustee may effect the transaction as described in the notice. Promptly after the sale or other monetization of all or each portion of the Other Assets, the Liquidating Trustee shall deliver to Union the Net Proceeds of such sale or monetization. The Liquidating Trustee shall have no liability to any of the Debtors, their Estates, their Creditors, the Creditors Committees (if any), their members or any other party for the outcome of its decisions in this regard, except for gross negligence or willful misconduct. If, at the end of five (5) years after the Effective Date, any of the Other Assets in the Liquidating Trust remain unsold (the “Unsold Assets”), the Liquidating Trustee shall treat the Unsold Assets as instructed by Union, or, if Union does not provide instructions, submit a motion to the Bankruptcy Court, which shall set forth the Liquidating Trustee’s proposed treatment of the Unsold Assets. If Union objects, the Bankruptcy Court shall schedule a hearing with respect to the motion.
Section 4.08 Liquidating Trust Assets
Section 4.09 Vesting of Assets in the Reorganized Subsidiaries
Section 4.10 Authorization for Transactions
Section 4.11 Preservation of Rights of Action; Settlement
Section 4.12 Employee Benefit Plans
Section 4.13 Exclusivity Period
Section 4.14 Conversion of Subsidiaries
Section 4.15 Effectuating Documents; Further Reorganization Transactions
Section 4.16 Exemption from Certain Transfer Taxes
Section 4.17 Closing of the Debtors’ Chapter 11 Cases.
ARTICLE V
PROVISIONS GOVERNING DISTRIBUTIONS
Section 5.01 Timing and Delivery of Distributions
Section 5.02 Method of Cash Distributions
Section 5.03 Failure to Negotiate Checks
Section 5.04 Fractional Dollars
Section 5.05 Compliance with Tax Requirements
Section 5.06 De Minimis Distributions
Section 5.07 Setoffs
Section 5.08 Distribution Record Date
ARTICLE VI
EXECUTORY CONTRACTS, UNEXPIRED LEASES, AND OTHER AGREEMENTS
Section 6.01 Assumption/Rejection
Section 6.02 Cure Amounts
Section 6.03 Assumed Executory Contracts and Unexpired Leases
Section 6.04 Insurance Policies
Section 6.05 Pass-through
Section 6.06 Claims Based on Rejection of Executory Contracts and Unexpired Leases
Section 6.07 Reservation of Rights
Section 6.08 Nonoccurrence of Effective Date
ARTICLE VII
PROCEDURES FOR RESOLVING DISPUTED, CONTINGENT, AND UNLIQUIDATED CLAIMS
Section 7.01 Objections to Claims
(a) Authority
(b) Objection Deadline
Section 7.02 Estimation of Claims
Section 7.03 No Distributions Pending Allowance
Section 7.04 Distributions After Allowance
Section 7.05 Reduction of Claims
Section 7.06 Compliance with Tax Requirements/Allocations
ARTICLE VIII
CONDITIONS PRECEDENT TO CONFIRMATION AND CONSUMMATION OF THE PLAN
Section 8.01 Conditions Precedent to Confirmation
(a) The Bankruptcy Court shall have entered an order, in form and substance reasonably acceptable to the Debtors, approving the adequacy of the Disclosure Statement, and such Order shall have become a Final Order.
(b) The Confirmation Order approving and confirming the Plan, as such Plan may have been modified, amended or supplemented, shall (i) be in form and substance reasonably acceptable to the Debtors and Union and, in the event the Stalking Horse Bidder is the Purchaser, the Stalking Horse Bidder; and (ii) include a finding of fact that Reorganized Edge and the Reorganized Subsidiaries, and their respective present and former members, officers, directors, managers, employees, advisors, attorneys and agents, acted in good faith within the meaning of and with respect to all of the actions described in Bankruptcy Code section 1125(e)
and are therefore not liable for the violation of any applicable law, rule, or regulation governing such actions.
(c) If the Purchaser purchases the Acquired Assets pursuant to a Sale Order, the Bankruptcy Court shall have entered the Sale Order in form and substance reasonably acceptable to the Debtors and Union.
Section 8.02 Conditions Precedent to Effective Date
(a) The Confirmation Order shall have been entered in form and substance reasonably acceptable to the Debtors and Union and, in the event the Stalking Horse Bidder is the Purchaser, the Stalking Horse Bidder, and such Order shall have become a Final Order.
(b) If the Purchaser purchases the Acquired Assets pursuant to a Sale Order, the Sale Order shall have been entered in form and substance reasonably acceptable to the Debtors and Union, and such Order shall have become a Final Order.
(c) Purchaser shall have provided written evidence satisfactory to the Debtors and Union that simultaneous with the occurrence of the Effective Date, Purchaser is prepared to close on the Transfer, and the Closing shall have occurred pursuant to the Purchase and Sale Agreement.
(d) The Liquidating Trust Agreement shall have been fully executed in form and substance reasonably acceptable to the Debtors and Union.
Section 8.03 Substantial Consummation
Section 8.04 Waiver of Conditions
Section 8.05 Revocation, Withdrawal, or Non-consummation
ARTICLE IX
AMENDMENTS AND MODIFICATIONS
ARTICLE X
RETENTION OF JURISDICTION
A. Allow, disallow, determine, liquidate, classify, estimate or establish the priority or Secured or unsecured status of any Claim or Interest, including the resolution of any request for payment of any Administrative Claim and the resolution of any objections to the Secured or unsecured status, priority, amount or allowance of Claims or Interests;
B. Hear and determine all applications for compensation and reimbursement of expenses of Professionals under Bankruptcy Code sections 327, 328, 330, 331, 503(b), 1103 or 1129(a)(4); provided, however, that from and after the Effective Date, the payment of fees and expenses of professionals retained by the Debtors shall be made in the ordinary course of business and shall not be subject to the approval of the Bankruptcy Court;
C. Hear and determine all matters with respect to the assumption or rejection of any executory contract or unexpired lease to which one or more of the Debtors are parties or with respect to which one or more of the Debtors may be liable, including, if necessary, the nature or amount of any required cure or the liquidating of any claims arising therefrom;
D. Hear and determine any and all adversary proceedings, motions, applications, and contested or litigated matters arising out of, under, or related to, the Chapter 11 Cases;
E. Enter and enforce such orders as may be necessary or appropriate to execute, implement, or consummate the provisions of the Plan and all contracts, instruments, releases, and other agreements or documents created in connection with the Plan, the Disclosure Statement or the Confirmation Order;
F. Hear and determine disputes arising in connection with the interpretation, implementation, Consummation, or enforcement of the Plan, including disputes arising under agreements, documents or instruments executed in connection with the Plan;
G. Consider any modifications of the Plan, cure any defect or omission, or reconcile any inconsistency in any order of the Bankruptcy Court, including, without limitation, the Confirmation Order;
H. Issue injunctions, enter and implement other orders, or take such other actions as may be necessary or appropriate to restrain interference by any entity with implementation, Consummation, or enforcement of the Plan or the Confirmation Order;
I. Enter and implement such orders as may be necessary or appropriate if the Confirmation Order is for any reason reversed, stayed, revoked, modified, or vacated;
J. Hear and determine any matters arising in connection with or relating to the Plan, the Disclosure Statement, the Confirmation Order, the Purchase and Sale Agreement, or any other contract, instrument, release, or other agreement or document created in connection with the Plan, the Disclosure Statement or the Confirmation Order;
K. Enforce all orders, judgments, injunctions, releases, exculpations, indemnifications and rulings entered in connection with the Chapter 11 Cases or pursuant to the Plan;
L. Recover all assets of the Debtors and property of the Estates, wherever located;
M. Hear and determine matters concerning state, local, and federal taxes in accordance with Bankruptcy Code sections 346, 505, and 1146;
N. Hear and determine all disputes involving the existence, nature, or scope of Debtors’ discharge or any releases granted in the Plan;
O. Hear and determine such other matters as may be provided in the Confirmation Order or as may be authorized under, or not inconsistent with, provisions of the Bankruptcy Code;
P. Enter an order or final decree concluding or closing the Chapter 11 Cases; and
Q. Enforce all orders previously entered by the Bankruptcy Court.
ARTICLE XI
COMPROMISES AND SETTLEMENTS
ARTICLE XII
MISCELLANEOUS PROVISIONS
Section 12.01 Bar Dates for Certain Claims
(a) Administrative Claims; Substantial Contribution Claims
(b) Administrative Ordinary Course Liabilities
(c) Administrative Tax Claims
(d) Professional Fee Claims
Section 12.02 Payment of Statutory Fees
Section 12.03 Severability of Plan Provisions
Section 12.04 Successors and Assigns
Section 12.05 Releases
(a) Releases by Debtors and Estates
(b) Releases by Holders of Claims and Interests
(c) Injunction Related to Releases
(d) Deemed Consent
(e) No Waiver
(f) Supplemental Injunction
(g) Bankruptcy Rule 3016 Compliance
(h) Integral to Plan
Section 12.06 Exculpation
Section 12.07 Permanent Injunction
Section 12.08 Satisfaction of Claims
Section 12.09 Discharge of Liabilities
Section 12.10 Binding Effect
Section 12.11 Notices
Section 12.12 Term of Injunctions or Stay
Section 12.13 Setoffs
Section 12.14 Recoupment
Section 12.15 Release of Liens
Section 12.16 Request for Expedited Tax Review
Section 12.17 Dissolution of Committee
Section 12.18 No Admissions
Section 12.19 Governing Law
ARTICLE XIII
CONFIRMATION REQUEST