Oil, Gas and Consumable Fuels
Company Overview of Dune Energy Inc.
On September 30, 2015, Dune Energy Inc. went out of business as per its Chapter 11 filing under bankruptcy. Dune Energy, Inc., an independent energy company, acquires, explores for, exploits, and develops crude oil and natural gas properties. Its properties cover approximately 74,000 gross acres across 15 producing oil and natural gas fields along the Louisiana/Texas Gulf Coast. As of December 31, 2013, the company’s total proved reserves were 93.1 billion cubic feet of natural gas equivalent consisting of 50.1 billion cubic feet of natural gas and 7.2 million barrels of oil. It sells its oil and gas products primarily to domestic pipelines and refineries. The company was founded in 1998 and...
Two Shell Plaza
777 Walker Street
Houston, TX 77002
Founded in 1998
Key Executives for Dune Energy Inc.
Dune Energy Inc. does not have any Key Executives recorded.
Dune Energy Inc. Key Developments
Dune Energy Inc. Announces Management Changes
Oct 1 15
Dune Energy Inc. announced that pursuant to the terms of the Final Plan, the company’s sole director James A. Watt was terminated as a Director of the company and from his positions as Chief Executive Officer, President and Secretary of the company without cause, effective from September 30, 2015, and Dan B. Lain was appointed as the sole member of the board of directors and as the plan trustee.
Liquidation Plan and Disclosure Statement Approved for Dune Energy Inc.
Sep 18 15
The US Bankruptcy Court approved the plan of liquidation and disclosure statement of Dune Energy Inc. on September 18, 2015. The debtor has filed its plan and disclosure statement in the Court on September 18, 2015. As per the plan, administrative claims of $0.13 million, first lien lender adequate protection claim of $7.84 million, United States trustee fees, priority employee claims, priority unsecured tax claims of $0.79 million and professional fees of $0.33 million will be paid in full in cash. Secured tax claims, first lien lender secured claims of $40.2 million and other secured claims will be paid in cash with sale of assets and cash in hand. Second lien loan claims of $72.11, general unsecured claims of $10.2 million and first lien lender deficiency claim of $30 million will be paid in cash on a pro rata basis. Subordinated claims will not receive any distribution. Equity interests will be cancelled and will not receive any distribution. The plan will be funded by cash in hand and sale of assets.
Liquidation Plan and Disclosure Statement Filed by Dune Energy Inc.
Aug 20 15
Dune Energy Inc. filed a plan of liquidation with related disclosure statement in the US Bankruptcy Court on August 20, 2015. As per the plan filed, Administrative Claims of $0.13 million, First Lien Lender Adequate Protection Claim of $7.84 million, United States Trustee Fees, Priority Employee Claims, Priority Unsecured Tax Claims of $0.79 million and Professional Fees of $0.33 million will be paid in full in cash. Secured Tax Claims, First Lien Lender Secured Claims of $40.2 million and Other Secured Claims will be paid in cash with sale of assets and cash in hand. Second Lien Loan Claims of $72.11, General Unsecured Claims of $10.2 million and First Lien Lender Deficiency Claim of $30 million will be paid in cash on a pro rata basis. Subordinated Claims will not receive any distribution. Equity Interests will be cancelled and will not receive any distribution. The plan will be funded by cash in hand and sale of assets. The debtor filed a revised Chapter 11 plan in the Court on September 18, 2015. As per the plan filed, there is no change in treatment of various claimant classes.
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