Saratoga Resources Inc. (OTC Pink Market: SARAQ) filed with the US Bankruptcy Court a notice of satisfaction of the conditions of effectiveness of its Joint Chapter 11 Plan of Reorganization filed as of August 30, 2016, whereupon Saratoga, and its subsidiaries, emerged from Chapter 11 bankruptcy protection effective November 2, 2016.
Following effectiveness of the Plan, (1) Saratoga has retained selected non-producing oil and gas assets, including a license to more than 450 square miles of seismic data, (2) all of the first and second lien debt of Saratoga was discharged, and (3) all shares of common stock outstanding prior to bankruptcy continue to be issued and outstanding. As a result, Saratoga is substantially debt-free and its outstanding shares remain unchanged. The terms of the Plan are more fully described in, and a copy of the Plan is filed with, the company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on November 3, 2016.
Following effectiveness of the Plan, Thomas Cooke, Andrew Clifford and Rex White, Jr. continue to serve as directors of Saratoga, with the remaining directors’ terms ending on November 2, and Messrs. Cooke and Clifford continue to serve as principal officers of Saratoga. Management plans to evaluate the retained assets with a view to developing a post-bankruptcy plan of operations.