Bankruptcy Proceedings and Emergence Bankruptcy Proceedings and Emergence
|9 Months Ended|
Sep. 30, 2018
|Bankruptcy Proceedings and Emergence||
Bankruptcy Proceedings and Emergence
On May 12, 2016, we and eight of our subsidiaries filed voluntary petitions (In re Penn Virginia Corporation, et al., Case No. 16-32395) seeking relief under Chapter 11 of Title 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Virginia (the “Bankruptcy Court”).
On August 11, 2016, the Bankruptcy Court confirmed our Second Amended Joint Chapter 11 Plan of Reorganization of Penn Virginia Corporation and its Debtor Affiliates, and we subsequently emerged from bankruptcy on September 12, 2016 (the “Emergence Date”).
While our emergence from bankruptcy is complete, certain administrative and claims resolution activities have been ongoing under the authority of the Bankruptcy Court. The conclusion of the case will be denoted by the entry of a final decree and an order closing the case. As of November 2, 2018, all claims have effectively been resolved or are being administered outside of the bankruptcy and a final distribution for unsecured claims will be made upon the entry of the final decree. While most of these are matters for which shares of our common stock have been allocated, certain of these matters must be settled with cash payments. A hearing to address a proposed final decree and closing of the case has been scheduled for November 14, 2018. As of September 30, 2018, we had $3.9 million reserved for outstanding claims to be potentially settled in cash. This reserve is included as a component of “Accounts payable and accrued liabilities” on our Condensed Consolidated Balance Sheet.
The entire disclosure for the description and amounts of reorganization under Chapter 11 of the US Bankruptcy Code.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef