January 16, 2017 1:45 PM ET

Company Overview of Diasu Oil & Gas Company, Inc.

Company Overview

Diasu Oil & Gas Company, Inc. is based in Houston, Texas. On May 29, 2016, Diasu Oil & Gas Company, Inc. filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of Texas. It is in joint administration with Linc USA GP.

4422 FM 1960 Road West

Suite 400

Houston, TX 77068

United States



Key Executives for Diasu Oil & Gas Company, Inc.

Diasu Oil & Gas Company, Inc. does not have any Key Executives recorded.

Diasu Oil & Gas Company, Inc. Key Developments

Liquidation Plan and Disclosure Statement Filed by Linc USA GP

Linc USA GP, along with its affiliates, filed a joint plan of liquidation with related disclosure statement in the US Bankruptcy Court on December 19, 2016. As per the plan filed, Administrative Claims of $0.1 million, Professional Claims of $1.40 million (including $0.3 million for Professional Fees of the Creditors Committee), U.S. Trustee Fees, Priority Tax Claims and Other Priority Claims, in the range of $0.30 million to $0.60 million, will be paid in full in cash. Other Secured Claims, in the range of $0.36 million to $2.60 million, will be paid in full in cash or will receive the collateral securing the asset. First Lien Note Claims of $132.14 million will be reduced by partial payment of $22.32 million, credit bid of $80 million before the occurrence of effective date. The remaining balance of First Lien Note Claims will receive pro rata share of Gulf Coast Sale Proceeds, Wyoming Sale Proceeds and Noteholder Trust Interests. Second Lien Note Claims of $283.55 million are deemed satisfied, compromised, settled, and released in full on the Effective Date. General Unsecured Claims in the range of $8.88 million to $34.51 million expect recovery in the range of 5.40% to 37% of the allowed amount. General Unsecured Claims will be paid pro rata share of the GUC Trust Assets. Upon acceptance of this Plan by Class 3, Class 4 and Class 5, all holders of First Lien Note Claims and Second Lien Note Claims shall be deemed to have agreed to forgo any distribution from the GUC Trust Assets in respect of their Prepetition Noteholder Deficiency Claims. All Equity Interests shall be cancelled and extinguished and the holders of all Equity Interests shall not receive or retain any property or Assets on account of their Equity Interests. All Intercompany Claims shall be deemed cancelled and shall not receive any distribution. The plan shall be funded from cash and proceeds from asset sales.

Bidding Procedure Approved for Linc USA GP

The US Bankruptcy Court the procedures relating to the sale of certain miscellaneous assets of Linc USA GP on October 17, 2016. As per the order, debtor has been authorized to sell certain miscellaneous assets of purchase price of less than $0.20 million with a written notice to the interested parties. If the sale price is between $0.20 million to $2 million or if the sale of less than $0.20 million made to an insider, then a written notice shall be filed with the Court.

Motion for Asset Sale Filed by Linc USA GP

Linc USA GP filed a motion in the US Bankruptcy Court seeking approval for the sale of certain miscellaneous assets on September 7, 2016. As per the motion, debtor seeks to sell certain of its miscellaneous assets as per the proposed procedures. Under the proposed procedures, if the sale consideration from the buyer does not exceed $0.20 million and sale is not to an insider, then debtor may sell the assets upon written notice to all the related parties. If the sale consideration exceeds $0.20 million but is less than $2 million or if the sale is to an insider, the debtor shall file with the Court a notice of such proposed Miscellaneous asset sale.

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