Oil, Gas and Consumable Fuels
Company Overview of Maxus Energy Corporation
On July 14, 2017, Maxus Energy Corporation went out of business under Chapter 11 liquidation as per its bankruptcy filing. Maxus Energy Corporation explores and produces oil and natural gas in the mid-continent region of the United States; and Indonesia and Ecuador. The company was formerly known as Diamond Shamrock Corporation and changed its name to Maxus Energy Corporation in May, 1987. The company is based in Houston, Texas. Maxus Energy Corporation operates as a subsidiary of YPF Holdings Inc.
10333 Richmond Avenue
Houston, TX 77042
Key Executives for Maxus Energy Corporation
Maxus Energy Corporation does not have any Key Executives recorded.
Maxus Energy Corporation Key Developments
Motion for Asset Sale Approved for Maxus Energy Corporation
Jul 10 17
The US Bankruptcy Court gave an order approving the sale of the certain assets of Maxus Energy Corporation on July 10, 2017. The debtor has been authorized to sell its certain assets to Mariana Properties, Inc., stalking horse bidder, for a purchase price of $21 million. The debtor’s assets include five parcels of contaminated real property known as “brownfields”, which consists of property located at 80-120 Lister Avenue in Newark, New Jersey, two properties in Kearny, New Jersey located at 1015 Belleville Turnpike, Kearny, New Jersey and 2 O’Brien Road, Kearny, New Jersey, one property located in Painesville, Ohio, and one property located at 5421 Reichold Road, Tuscaloosa, Alabama.
Motion for Asset Sale Filed by Maxus Energy Corporation
Jun 16 17
Maxus Energy Corporation filed a motion for sale of certain assets in the US Bankruptcy Court on June 16, 2017. The debtor seeks the Court’s approval for the sale of certain assets to Mariana Properties, Inc. for a purchase price of $21 million, pursuant to the purchase and sale agreement dated June 16, 2017. As per the terms of the purchase and sale agreement, the buyer is to make a deposit of $1 million. The sale is subject to higher and better offers. The debtor’s assets include five parcels of contaminated real property known as “brownfields”, which consists of property located at 80-120 Lister Avenue in Newark, New Jersey, two properties in Kearny, New Jersey located at 1015 Belleville Turnpike, Kearny, New Jersey and 2 O’Brien Road, Kearny, New Jersey, one property located in Painesville, Ohio, and one property located at 5421 Reichold Road, Tuscaloosa, Alabama. The debtors shall accept other higher and better offers from interested parties, in the time period between June 16, 2017 and June 30, 2017. If required, an auction shall take place on July 5, 2017. The sale is expected to close by July 10, 2017. The debtor appointed Keen Summit as the sales broker, for a fee of $0.90 million. The buyer is represented by Vinson & Elkins L.L.P. and White & Case LLP.
Revised Amended Liquidation Plan Approved for Maxus Energy Corporation
May 22 17
The US Bankruptcy Court approved the revised amended plan of liquidation of Maxus Energy Corporation on May 22, 2017. The debtor has filed its amended plan in the Court on April 19, 2017. As per the plan, DIP Tranche A Claim will be paid in cash on or before the effective date, if DIP lender files support notice. Otherwise, DIP Lender shall receive cash equal to the greater of liquidated proceeds of DIP collateral and $20 million in cash, non-recourse promissory note of up to $8.75 million. Administrative Claims and Priority Tax Claims of $0.13 million will be paid in full, Professional Claims, Post-Effective Date Fees and Expenses and U.S. Trustee Fees will be paid full in cash. DIP Claim of $17.6 million will be paid from the liquid proceeds of DIP Collateral held by the debtor. Other Secured Claims, Other Priority Claims of $5,000 will be paid in full and General Unsecured Convenience Claims of $0.31 million will be paid in full. General Unsecured Claims (Creditors Electing Cash Option) of $5.72 million are expected to recover 5.6% of the allowed amount in cash. The general unsecured claims of LT Class A of $706.1 million will have an estimated recovery of in the range of 60.5% to 100%. Government Environmental Claims of up to $12 billion shall be paid from the Environmental Response Trust, to be created by the debtor. %. Certain Environmental claims will have an estimated recovery of between 0.6% to 15.4%. Intercompany Claims of $422.35 million will be eliminated and extinguished without any payment. Environmental Claims for the Diamond Alkali Site of $11.8 billion are expected to recover 0.6% to 15.5% of the allowed amount through Class B beneficial interests of the liquidating trust. The YPF Tranche B Claim of $7.97 million will not recover anything as they are subordinated to prior payment of all other claims in full, the convenience claims of $0.76 million will be paid in full in cash. Equity Interests shall be cancelled and holders will receive no distribution under the plan. The plan will be funded through the available cash in hand and sale of assets.
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