Texas-based Jones Energy, Inc. announced that its prepackaged Chapter 11 bankruptcy reorganization plan was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, according a company press release issued on Monday.
As reported by OK Energy Today, Jones Energy initially filed for bankruptcy protection on April 3, 2019.
Currently engaged in the exploration and development of oil and natural gas properties in the Anadarko basin of Oklahoma and Texas, the company’s bankruptcy is specifically designed not to impact company operations by implementing a financial restructuring of Jones’ balance sheet.
The reorganization plan fully equitizes the company’s outstanding prepetition funded debt, authorizes incurrence of an exit facility and fully satisfies all trade, customer, employee, royalty, working, and other mineral interest claims in the ordinary course of business.
Creditors favorably supported Jones’ restructuring plan, which allows for the company to successfully emerge from Chapter 11 bankruptcy proceedings by May 17, 2019.
“In the coming weeks, the company will emerge from Chapter 11 in a stronger financial position and postured for long‑term success, with the flexibility to create value for our customers and stakeholders,” said Carl Giesler, Director and Chief Executive Officer of Jones Energy.
