Court Approves Rockdale Marcellus Plan to Finish Closing the Doors

Last September MDN broke the news that Rockdale Marcellus had filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the Western District of Pennsylvania (see NEPA Driller Rockdale Marcellus Files for Chapter 11 Bankruptcy). In January we told you that Repsol had won an auction to buy the assets for $220 million in cash, plus the assumption of $2 million in debt owed to trade creditors (see Sale of Rockdale PA Assets to Repsol Closes – $220M Cash, $2M Debt). After the sale to Repsol and payments to key creditors, there’s still a small pot of cash ($17.7 million) leftover. Rockdale's plan to distribute it and other miscellaneous assets to some of the remaining creditors, and close the doors forever, was approved last week by the bankruptcy court.

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