First Amended Reorganization Plan Filed by RMR Operating, LLC
June 15, 2018 at 05:00 am
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RMR Operating, LLC, along with its affiliates, filed first amended joint plan of reorganization in the US Bankruptcy Court on June 15, 2018. As per the amended plan filed, any allowed priority non-tax claims against Red Mountain and against RMR will be paid equal to allowed amount in form of cash. Any allowed general unsecured claims against Red Mountain will be paid in the form of cash equals to its pro-rata share. Equity interests in Red Mountain shall be cancelled. All equity interests in RMR and in Black Rock held by Red Mountain will be transferred to cross border. There is no other change in the treatment of any claim class. For the equity interests in Cross Border, 5% will be transferred to the holders of Allowed Class Claims making the stock election. The remaining 78% of the equity interests in Cross Border held by Red Mountain as of the petition date will be transferred to the plan funder. Any other holders of equity interests will retain their equity interests in Cross Border.
Cross Border Resources, Inc. an independent natural gas and oil company engaged in the exploration, development, exploitation, and acquisition of natural gas and oil reserves in North America. The Company primarily focuses on the area of the State of New Mexico, principally southeastern New Mexico. As of June 30, 2014, the Company owned over 865,893 gross (approximately 293,843 net) mineral and lease acres in New Mexico. The Companyâs producing oil and natural gas properties are concentrated in the Permian Basin. The Companyâs main area of focus is the Tom Tom/Tomahawk Prospect, where the Company would continue work on the field alongside the execution of its remediation plan. A significant majority of its acreage consists of either owned mineral rights or leases held by production.
CROSS BORDER RESOURCES, INC. 